ED Restitutes Rs 175 Crore Properties in Udaipur Real Estate Fraud Case, Benefiting 213 Homebuyers
The Enforcement Directorate (ED) has restituted unsold properties worth Rs 175 crore in Udaipur’s Royal Rajvilas project to the Successful Resolution Applicant (SRA), bringing an end to the plight of 213 innocent homebuyers who had been suffering for over 12 years.
Real EstateFraudHomebuyersEdRestitutionReal Estate NewsOct 14, 2025
The properties, including 354 flats, 17 commercial units, and two plots, were restituted under the Insolvency and Bankruptcy Code (IBC), 2016. This significant step by the ED’s Jaipur Zonal Office has brought an end to the plight of 213 innocent homebuyers who had been suffering for over 12 years, paving the way for the completion of the project and the final handover of the completed units to these homebuyers.
ED initiated the investigation based on three First Information Reports and one charge sheet filed by the Central Bureau of Investigation (CBI) in the matter of the Syndicate Bank Fraud against Bharat Bomb and others. The fraud involved defrauding the Syndicate Bank (now Canara Bank) to the tune of Rs 1,267.79 crore using the modus operandi of discounting of forged cheques, discounting of forged inland bills, and drawing loans against forged insurance policies from 2011 to 2016.
To date, ED has attached total properties worth Rs 535 crore, which includes Proceeds of Crime (POC) to the tune of Rs 83.51 crore in the form of unsold and unregistered inventory from UEWPL. On October 10, 2025, the Supreme Court ordered the restitution of properties under Section 8(8) of the PMLA, transferring them to the SRA for the exclusive benefit of the genuine homebuyers. The court, while emphasizing that the order should not set a precedent, commended the ED for its proactive and balanced approach.
This restitution marks a significant victory for the homebuyers who had been waiting for years to see their investments materialize. The completion and handover of the units will not only provide them with the homes they rightfully purchased but also inject a sense of trust and confidence back into the real estate market in Udaipur.
The Enforcement Directorate’s actions highlight the importance of stringent regulatory measures and the need for continuous oversight in the real estate sector to prevent such fraudulent activities. It also underscores the commitment of regulatory bodies to protect the interests of innocent investors and ensure that justice is served in a timely manner.
In conclusion, the restitution of these properties is a testament to the dedication and efficiency of the ED and a beacon of hope for all those who have been victims of real estate fraud. It sets a precedent for future cases and reinforces the importance of transparency and accountability in the real estate industry.
Frequently Asked Questions
What is the total value of the properties restituted by the ED in Udaipur?
The total value of the properties restituted by the ED in Udaipur is Rs 175 crore.
How many homebuyers are benefiting from this restitution?
213 homebuyers are benefiting from this restitution.
Under which law were the properties restituted?
The properties were restituted under the Insolvency and Bankruptcy Code (IBC), 2016.
What was the total amount of fraud committed against Syndicate Bank?
The total amount of fraud committed against Syndicate Bank was Rs 1,267.79 crore.
What did the Supreme Court order regarding the restitution of properties?
The Supreme Court ordered the restitution of properties under Section 8(8) of the PMLA, transferring them to the SRA for the exclusive benefit of the genuine homebuyers.
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