Did the ED Order the Return of Rs 180.87 Crore to Banks in the Zoom Developers Fraud Case?
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Synopsis
In a landmark decision, the Enforcement Directorate has ordered the return of assets worth Rs 180.87 crore to banks affected by the Zoom Developers fraud case. This pivotal moment underscores the agency's relentless pursuit to recover losses incurred in one of India’s most notorious bank fraud investigations.
Key Takeaways
- The ED is returning assets worth Rs 180.87 crore to banks.
- Properties valued at Rs 106.5 crore are directed to PNB and Rs 74.37 crore to IDBI Bank.
- The case is linked to alleged money laundering by Zoom Developers.
- Investigations revealed fraudulent loan practices involving foreign intermediaries.
- The restitution marks a significant step in recovering losses for the banks involved.
Bhopal, Jan 19 (NationPress) In a pivotal moment in one of India's most notorious bank fraud cases, the Enforcement Directorate (ED) from its Bhopal Zonal Office has orchestrated the return of assets worth Rs 180.87 crore to the banks that suffered losses.
This action follows a directive issued by the Special Court (PMLA) in Indore on January 17, 2026, as stated by the central investigative agency.
Out of the total, properties appraised at Rs 106.5 crore, consisting of three seized properties, are to be restored to the banking consortium led by Punjab National Bank (PNB).
In addition, properties estimated at Rs 74.37 crore, encompassing 21 attached properties, are set to be returned to IDBI Bank, which operates independently of the consortium, according to the agency's statement.
This restitution is part of the ongoing money laundering investigation tied to M/s Zoom Developers Private Limited (ZDPL), a consultancy and engineering firm based in Indore.
The case commenced with a CBI FIR filed under Sections 120B and 420 of the IPC against ZDPL, its Directors Vijay Madanlal Chaudhary and Bihari Lal Kejriwal, and other implicated individuals.
The allegations assert that the accused conspired to defraud a consortium of 22 banks, spearheaded by PNB, resulting in a substantial loss of approximately Rs 2,650 crore.
As detailed in the FIR, ZDPL is accused of illicitly securing loans via bank guarantees provided to foreign intermediaries for fictitious services to international companies, using fraudulent contracts as a basis.
Furthermore, the loan funds were reportedly misappropriated towards related businesses, trusts within India, and offshore entities.
Investigations revealed that the foreign intermediaries were effectively managed by ZDPL Director Vijay Madanlal Chaudhary.
The ED had provisionally seized various assets, a move later validated by the adjudicating body as per the Prevention of Money Laundering Act (PMLA), 2002.
Three charge sheets were submitted on July 17, 2015, June 30, 2017, and December 18, 2022, with the Special Court (PMLA) taking cognizance.
On January 23, 2025, PNB, in its capacity as the lead bank, filed a petition under Section 8(8) of the PMLA for the return of the seized properties on behalf of the bank consortium.
IDBI Bank also submitted a separate request.
Following hearings, the court mandated the return of the identified assets to the banks.
This restitution represents a crucial advancement in recovering the illicit gains for the defrauded parties, amidst the ED's continuous efforts to uncover and seize additional assets linked to this decade-long investigation.
Ongoing inquiries into the case are in progress.
Point of View
It is vital to recognize the ongoing efforts of the Enforcement Directorate in addressing financial crimes. The restitution of assets to banks in this high-profile case not only serves as a testament to the agency's resolve but also emphasizes the importance of maintaining integrity in the financial system. The Nation stands firmly in support of actions that seek to restore trust and accountability.
NationPress
20/01/2026
Frequently Asked Questions
What is the amount of assets being returned to banks?
The Enforcement Directorate has ordered the return of assets valued at Rs 180.87 crore to the affected banks.
Which banks are involved in this restitution?
The properties are being returned to a consortium of banks led by Punjab National Bank and IDBI Bank.
What was the basis for the ED's action?
The action stems from a money laundering investigation linked to M/s Zoom Developers Private Limited.
Who are the accused in this case?
The accused include the directors of Zoom Developers, Vijay Madanlal Chaudhary and Bihari Lal Kejriwal, among others.
Is the investigation ongoing?
Yes, the investigation into the fraud case continues as the ED seeks to trace further assets.
