The Odisha High Court on Tuesday rejected the bail petitions of Hi-Tech Group chairman Tirupati Panigrahi and two other directors, Tirupati Choudhury and Madhusudan Panigrahi, of the company, who were arrested by the Economic Offences Wing (EOW) of the State Crime Branch on charges of land fraud in December last year.
The trio was arrested after thousands of investors alleged they were cheated by the trio in a host of land projects, including Kalyan Vihar Phase –II, etc.
They received money from 17,181 investors with promise of providing them with residential plots, but till date 16,901 investors did not get the plots.
Though the Kalyan Vihar Phase-II project was started in August, 2003 and was to be completed by the end of 2008, it is yet to see the light of the day.