The future of Hi-Tech real estate firms is uncertain as its managing director Tirupati Panigrahi was arrested along with his two relatives for allegedly cheating 12000 people, who were promised to be provided residential plots. Several FIRs had been registered earlier, but this time the Crime Branch of Odisha did not hesitate to arrest the frauds.

The firm was under the trap after two people complained that they were not provided residential plots but have been paying money since 2009. Panigrahi, who owns two private medical colleges and several professional institutes along with the real estate firm, will be now interrogated and everything will be revealed soon.

He was arrested on the Christmas along with his relatives Tirupati Choudhury and Madhusudan Panigrahi following the investigation of a private new channel Naxatra TV in Bhubaneswar. The media was after the firm to investigate how the liquor businessman became the business tycoon within a short period of time spreading his empire across the state.

According to the FRI filed after gathering evidence against them, Tirupati Panigrahi’s real estate company had taken a total of Rs 1.80 lakh from the complainant and his brother in several installments between 2003 and 2009 to provide him four plots (1,200 square feet each) in Sundarpada. But the two brothers have not yet got possession over the lands. ADG (Crime Branch) B K Sharma said the complainant was paying Rs 4,400 installment per month under the land scheme. The EOW team have collected oral evidence of victims, documents and sale deed agreements of the land.

The Crime Bracnh has freezed the accounts of the company following raid on Panigrahi’s office at Saheed Nagar. With the arrest of the Odisha’s real estate giant in Bhubaneswar, other real estate firms and builders will be cautious. Earlier, several firms had been in the headlines for cheating people and the land owners. The land fraud has caused the abnormal rise of land prices over the years in the state capital as compared to other cities.