NEW DELHI: The Enforcement Directorate (ED) has received a pat on its back from the Supreme Court over its consistent and successful efforts in restituting properties of innocent homebuyers who were caught up in the 1, 267.79 crore fraud case, involving a leading bank, and saw the possession of their dwelling units delayed indefinitely.
The case pertains to the Syndicate Bank fraud (2011-16) involving Bharat Bomb & Others, who defrauded the bank to the tune of Rs 1, 267.79 crore. The key accused, Bharat Bomb, used the proceeds of crime to acquire Royal Raj Vilas as well as its developer, M/s Udaipur World Entertainment Pvt. Ltd and created a complex web of illegal financial dealings, which delayed and deprived the homebuyers of their flats.
The ED launched an investigation in 2016, attached the properties of the accused and pursued a legal battle to penalise the fraudulent developers and restore the rights of homebuyers.