Bhubaneswar: In a significant step toward financial restitution, the Directorate of Enforcement (ED), Bhubaneswar Zonal Office, has successfully returned six properties valued at ₹5.17 crore to Indian Bank, a rightful claimant in the case involving M/s GDS Builders & Others.
According to an official press release, the ED initiated its investigation based on a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI), Anti-Corruption Branch (ACB), Bhubaneswar.
The FIR stemmed from a complaint filed by Indian Bank, Bhubaneswar, against M/s GDS Builders & Others, alleging criminal conspiracy, cheating, and financial fraud.
The company had availed credit facilities from Indian Bank but defaulted on repayment, leading to the classification of the loan as a Non-Performing Asset (NPA).
During the probe, the ED attached multiple properties, including the six assets now restituted to Indian Bank. Additionally, the agency has filed a Prosecution Complaint against M/s GDS Builders & Others in the Special Court, Bhubaneswar, which has already taken cognizance of the case.
The restitution process followed a Special Court order directing the return of assets to Indian Bank. This move is part of the ED’s broader efforts to ensure that proceeds of crime (POC) are recovered and returned to legitimate claimants. Further investigations into the case are ongoing.
