Hi-Tech chief deposits Rs 13.5cr with SC

Bhubaneswar: Entrepreneur Tirupati Panigrahi, who was arrested by the Economic Offence Wing (EOW) in connection with a land fraud in 2012, on Friday deposited the last instalment of Rs 13.5 crore in the Supreme Court's treasury to avoid rejection of his conditional bail.
While granting Panigrahi bail on February 21, 2014, the apex court asked him to deposit Rs 63.5 crore that would be used to repay the duped land buyers.
"We are waiting for the Supreme Court's order as Panigrahi has deposited the entire amount. We will start the process of distributing money among the land buyers if the court asks us to do so. The exact number of duped buyers is being finalized," special DG (Crime) B K Sharma said.
Panigrahi's Hi-Tech Group allegedly cheated around 17,000 people of nearly Rs 315 crore by floating dubious land schemes in the city and on its outskirts. On December 25, 2012, the EOW arrested Panigrahi and company directors Tirupati Choudhury and Madhusudan Panigrahi on charges of cheating.
Hearing an appeal by the investigating agency, the apex court on October 21, 2013, asked Panigrahi to either return land or money to the duped investors first and then seek bail.
While granting bail to Panigrahi, the Supreme Court asked him to deposit Rs 63.5 crore within three weeks. He, however, managed to buy more time from the court and deposited money in instalments.
Last January, the EOW moved the apex court seeking rejection of his conditional bail when he failed to deposit the entire money in the specific period. However, the court agreed to give him more time.
EOW source said Panigrahi's company did not have adequate land bank, but collected around Rs 315 crore from hundreds of people between 2009 and 2012 with the false promise of providing them plots. The EOW also found that the accused had diverted public money to other businesses illegally.
Since Panigrahi has deposited Rs 63.5 crore, the EOW is now planning to attach his assets, including land. After Panigrahi's arrest, the EOW restricted alienation of his land. Last year, the probe agency also turned down a plea to sell his lands.