Attachment and auction of Hi-tech properties; Odisha fin’ dept. moves to court for same


Cuttack, Jan 3: Yesterday the Competent Authority and Cuttack ADM, Raghuram R Aiyer moved to the designated court for attachment and auction of moveable and immoveable properties of Hi-Tech Group. He made the application under section 4 (3) of the Odisha Protection of Interest of Depositors Act-2011 (OPID Act).

Last year the Finance department issued an ad interim order for attachment of moveable and immoveable properties of Hi-Tech Group while vesting management of these properties with the Competent Authority. The Crime Branch wrote to the Finance department seeking to attach seized properties of Hi-Tech Group. The Economic Offences Wing (EOW) of the Crime Branch had registered five cases against Hi-Tech Group’s Chairman Tirupati Panigrahi and two other directors Tirupati Choudhury and Madhusudan Panigrahi as there had been allegations against the group for defrauding depositors with a promise to provide them with land. Later, the EOW seized the group’s corporate office building, medical college, dental college, nursing college, land at other places and bank pass books.


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