Wed Oct 15 01:00:30 UTC 2025: Here’s a summary of the text and a rewritten version as a news article from The Hindu:
**Summary:**
The Enforcement Directorate (ED) in Jaipur has restituted properties worth ₹175 crore to 213 homebuyers in Udaipur who were victims of a ₹1,267.79 crore bank fraud. The properties, including flats, commercial units, and land, were part of Project Royal Rajvilas and had been attached by the ED during its investigation into the Syndicate Bank fraud. After multiple litigations including intervention by NCLT, High Court and eventually the Supreme Court, the ED took a proactive approach to restore the properties to the legitimate owners. The Supreme Court commended the ED’s efforts in protecting the homebuyers’ interests.
**News Article:**
**THE HINDU**
**Jaipur, October 15, 2025**
**ED Returns ₹175 Crore Worth of Properties to Udaipur Homebuyers Victimized in Bank Fraud**
In a major victory for defrauded homebuyers, the Enforcement Directorate (ED) in Jaipur has restituted properties worth ₹175 crore to 213 individuals who were victims of a massive ₹1,267.79 crore fraud involving Syndicate Bank. The restitution, encompassing 354 flats, 17 commercial units, and two land plots at Project Royal Rajvilas in Udaipur, marks a significant step towards justice for those who lost their life savings in the scam.
The fraud, perpetrated by Bharat Bomb and others between 2011 and 2016, involved discounting forged cheques and inland bills, as well as obtaining loans against forged insurance policies. The ED initiated an investigation in 2016 based on FIRs and chargesheet filed by the Central Bureau of Investigation (CBI), attaching properties worth ₹535 crore.
The case then faced multiple legal challenges, including a National Company Law Tribunal (NCLT) order vacating the ED’s attachment and a subsequent stay by the Rajasthan High Court. Ultimately, the Supreme Court intervened, urging a consensus to protect the interests of the defrauded homebuyers.
An ED spokesperson highlighted the agency’s “proactive approach” in resolving the complex situation. The Supreme Court, in an order passed on October 10th, lauded the ED’s efforts in restoring the attached properties and securing the interests of the genuine homebuyers. The court specifically appreciated the rigorous procedures adopted by the ED to identify legitimate claimants, verify their claims, and expedite the restitution process while maintaining necessary legal scrutiny.
“This restitution is a testament to our commitment to protecting the rights of innocent individuals who have been victimized by financial crimes,” the ED spokesperson said. “We are pleased to have played a role in bringing some relief to these homebuyers after a long and arduous legal battle.” The success of this restitution provides a encouraging sign for other pending cases involving similar scams.
First Piper 