The Supreme Court on Wednesday directed the real estate firm Hi-Tech Group to refund money to its depositors within a maximum period of three to four months. While conducting a hearing in the Hi-Tech land fraud case, the court turned down company’s appeal to allow it six months’ time to return money to the depositors.
Earlier on February 21, the Supreme Court had granted conditional bail to Hi-Tech Group chairman and managing director Tirupati Panigrahi and two other directors Tirupati Choudhury and Madusudhan Panigrahi who are accused of duping hundreds of depositors of crores of rupees.
Panigrahi along with two other accused were arrested by the Economic Offences Wing (EOW) of the State Crime Branch for the fraud on December 25, 2012. The Supreme Court had granted conditional bail to Panigrahi and the two other directors after they deposited Rs 10 crore out of the Rs 63.5 crore he was asked to deposit by the court. The court had then asked them to deposit the remaining amount within three months