EOW seeks to attach Rs 63.55 cr deposited by chit fund company

The Economic Offences Wing (EOW) of Odisha on Saturday moved the state finance department for attachment of Rs 63.55 crore deposited by Hi-Tech group of companies as per the orders of the Supreme Court as condition for granting bail.

Hi-Tech Group's senior functionaries Tirupati Panigrahi, Tirupati Choudhury and Madhusudan Panigrahi have deposited the amount in the apex court for getting bail in connection. They were arrested in connection with massive land fraud case through ponzi scheme and the EOW had registered cases against the group on the basis of allegeations.

After deposition of the amount by the group, Odisha government had moved the apex court seeking permission for attaching of the money for equitable distribution among the duped investors.

The Supreme Court had on July 25 allowed the state government to attach the amount deposited by Hi-Tech group.

The EOW has therefore moved the government for issuing ad-interim attachment order in respect of the amount so that it can be equitably distributed among duped investors.