ED Restitutes Udaipur Properties to Aid Homebuyers

The Enforcement Directorate (ED) has returned properties worth Rs 175 crore to aid homebuyers in Udaipur's Royal Rajvilas project. This move ends a 12-year ordeal for 213 homebuyers, following the resolution of fraud cases against Bharat Bomb, and results primarily from the proactive efforts of the ED.

The Enforcement Directorate (ED) has taken a significant step forward by returning unsold properties valued at approximately Rs 175 crore in Udaipur's Royal Rajvilas project. The Successful Resolution Applicant (SRA) of Udaipur Entertainment World Private Limited (UEWPL) now holds these assets, marking a boon for homebuyers who invested in this venture.

The restitution, conducted under the Insolvency and Bankruptcy Code (IBC), 2016, alleviates the prolonged distress experienced by 213 homebuyers over the past 12 years. The ED's intervention paves the way for project completion and eventual unit handover to these awaiting homebuyers. This action followed investigations stemming from multiple First Information Reports and a charge sheet filed by the Central Bureau of Investigation (CBI) concerning the Syndicate Bank fraud, involving Bharat Bomb and associates.

The elaborate fraud, which compromised Syndicate Bank (now Canara Bank) of Rs 1,267.79 crore, utilized forgery tactics involving cheques, bills, and insurance policies between 2011 and 2016. To date, the ED has seized properties worth Rs 535 crore, including Rs 83.51 crore linked to UEWPL's unregistered inventory. On October 10, 2025, the Supreme Court ordered these properties' restitution under Section 8(8) of the PMLA, exclusively benefiting legitimate homebuyers. The court, while urging that this should not set a precedent, praised the ED for its diligent efforts.

(With inputs from agencies.)