Indore district admin gives possession of Zoom Developers' properties to banks

District administration has given possession of properties of Zoom Developers and its associates to the concerned banks to whom the firms had mortgaged them and failed to repay loans to the tune of Rs 3000 crore.

Zoom Developers and its associate firms including Brilliant Infrastructure Pvt Ltd, Magnificent Infrastructure Pvt Ltd, Choudhary Innovation Business Pvt Ltd, all registered and Zoom Realty Project Pvt Ltd had mortgaged six properties of Indore to avail loans from 24 banks — Punjab National Bank among them.

Zoom Developers and associate firms, whose promoter Vijay Choudhary is already facing investigations by CBI and ED in a money laundering case, failed to repay the amount prompting banks to approach the administration in making the recovery by seizing the mortgaged properties and putting the same on auction.