Bhopal, Jan 19 (AHN) In a significant development in one of India's longstanding high-profile bank fraud investigations, the Enforcement Directorate (ED)'s Bhopal Zonal Office has facilitated the restitution of properties valued at Rs 180.87 crore to affected banks.

This follows an order passed by the Special Court (PMLA) at Indore on January 17, 2026, the central probe agency said in a statement.

Of the total, properties with a fair market value of Rs 106.5 crore (comprising three attached properties) have been directed for restitution to the consortium of banks led by the Punjab National Bank (PNB).

"Separately, properties valued at Rs 74.37 crore (involving 21 attached properties) are to be restituted in favour of the IDBI Bank, which is not part of the consortium," the central agency said.

The restitution stems from the money laundering probe linked to M/s Zoom Developers Private Limited (ZDPL), an Indore-based firm engaged in consultancy and engineering services.

The case originated with a CBI FIR (first information report) registered under Sections 120B read with 420 of the IPC against ZDPL, its Directors Vijay Madanlal Chaudhary and Bihari Lal Kejriwal, along with other accused.

"The accused are alleged to have cheated and defrauded a consortium of 22 banks led by PNB, causing a wrongful loss of nearly Rs 2,650 crore," the statement added.

According to the FIR, ZDPL fraudulently obtained loans through bank guarantees issued in favour of foreign middlemen/aggregators for supposed intangible engineering services to overseas companies, based on fictitious paper contracts.

The loan proceeds were allegedly diverted to group companies, trusts in India, and entities abroad.

Investigations revealed that the foreign aggregators were effectively controlled by ZDPL Director Vijay Madanlal Chaudhary.

The ED had provisionally attached various properties, which were later confirmed by the adjudicating authority under the Prevention of Money Laundering Act (PMLA), 2002.

Three charge sheets were filed on July 17, 2015, June 30, 2017, and December 18, 2022, with cognisance taken by the Special Court (PMLA).

On January 23, 2025, PNB, as the lead bank, filed an application under Section 8(8) of the PMLA seeking restitution of the attached properties on behalf of the consortium of banks.

The IDBI Bank submitted a separate application.

After hearings, the court directed the release of the specified assets to the banks.

This restitution marks a key step in recovering proceeds of crime for victims of the fraud, amid the ED's ongoing efforts to trace and attach further assets in the decade-old case.

Further investigation in the matter continues.