No, I think the issue is that police would have no power to "take the house back" because it was legally purchased. They could investigate the fraud committed by the seller against other organisations but specifically, the real owner is not the victim of criminal fraud.
I don't think he will have any ablity to forceably reobtain the house, although potentially, if he refunded the buyers money (after getting it from the accused), they might agree to give it to him back. On the other hand, if already cleared, it would probably be easier for the real owner to get his money back and buy somewhere else.
You don't want police running around "taking people's house back" without due process, presumbly.