ED restitutes flats to homebuyers in Syndicate Bank fraud case in Udaipur

The Jaipur zonal workplace of the Enforcement Directorate (ED) has restituted flats, business items and land plots in Udaipur, with a gift market worth of ₹175 crore, to 213 harmless homebuyers who have been caught up in a ₹1,267.79 crore fraud case, involving a number one financial institution, and didn’t get possession of their dwelling items.

The stock contains 354 flats, 17 business items and two plots at Project Royal Rajvilas in Udaipur. The case pertains to the Syndicate Bank fraud, involving Bharat Bomb and others, who defrauded the financial institution to the tune of ₹1267.79 crore via discounting of cast cheques and cast inland payments and drawing loans in opposition to cast insurance coverage insurance policies from 2011 to 2016.

An ED spokesperson mentioned in Jaipur on Tuesday (October 14, 2025) that the company had connected complete properties value ₹535 crore after launching investigation in 2016 on the idea of three FIRs and one chargesheet filed by the Central Bureau of Investigation. There have been a number of litigations throughout the boards in opposition to the attachment.

After the homebuyers filed a petition below Section 7 of the Insolvency and Bankruptcy Code, 2016, the National Company Law Tribunal (NCLT), Mumbai, admitted the company debtor, Udaipur World Entertainment Private Limited, into the company insolvency decision course of. In 2022, the NCLT permitted the corporate’s decision plan and vacated the ED’s attachment order.

Later, the Rajasthan High Court stayed the operation of the NCLT’s order in 2023 on the bottom that it had no jurisdiction to put aside the order handed by the Adjudicating Authority below the Prevention of Money Laundering Act, 2002.

The matter was taken to the Supreme Court, which directed each the events to reach at a consensus in order to guard the curiosity of the bona fide homebuyers, who had invested their cash within the undertaking and couldn’t get possession of their items. The spokesperson mentioned the ED took “proactive strategy” within the curiosity of homebuyers struggling amid the extended litigation.

The Supreme Court has lauded the efforts of ED in restoring the connected properties and securing the pursuits of real and harmless homebuyers. The apex court docket positioned on report its appreciation in an order handed on October 10. The ED has adopted procedures to determine rightful claimants, confirm their claims, and expedite restitution with out compromising authorized scrutiny.