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The Enforcement Directorate (ED) has restituted unsold properties worth about Rs 175 crore in Udaipur's Royal Rajvilas project to the Successful Resolution Applicant (SRA) of Udaipur Entertainment World Private Limited (UEWPL), in the ultimate benefit of the genuine homebuyers who had purchased units in the said project.
The properties, including 354 flats, 17 commercial units, and two plots, were restituted under the Insolvency and Bankruptcy Code (IBC), 2016. The present restitution by 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 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, who defrauded 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. ED has attached total properties worth Rs 535 crore to date, 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 emphasising that the order should not set a precedent, commended the ED for its proactive and balanced approach. (ANI)
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