Jalandhar, Feb 10 (NationPress) In a significant development concerning a money laundering investigation linked to property buyer fraud, the Enforcement Directorate (ED) has returned six seized immovable assets totaling Rs 20.21 crore to the State Bank of Patiala and Catholic Syrian Bank, an official confirmed on Tuesday.

The ED's Jalandhar Zonal Office reported that the properties associated with Nature Heights Infra and its executives are estimated to be worth approximately Rs 20.21 crore according to the sale deed; however, their current market value is around Rs 50 crore.

According to an official announcement, the properties were returned following an order from the Special PMLA Court in Mohali issued on February 6.

The properties that have been reclaimed, as authorized by the Special Court, comprise commercial estates situated in the Fatehgarh Sahib district of Punjab, the ED stated.

This action was executed under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, as per the statement.

The properties were previously seized in connection with an investigation into money laundering associated with fraudulent activities targeting investors by Nature Heights Infra and its Director Neeraj Thatai, also known as Neeraj Arora.

The ED took Arora into custody on October 8, 2024, and he currently remains in judicial detention, the report indicated.

The federal agency initiated its inquiry under the provisions of the PMLA, 2002, following several FIRs filed by Punjab Police under various sections of the Indian Penal Code of 1860 against Arora, his company, and others for defrauding investors.

The investigation unveiled that Arora swindled numerous unsuspecting investors out of their hard-earned funds by promising them property allocations.

It was determined that the properties acquired by Arora were registered/purchased using money raised from investors without providing them with land or any refunds, the ED noted.

Several bank accounts belonging to Arora, Nature Heights Infra, and affiliated companies had been credited with investors' funds, which were then used for property purchases and personal expenses, the ED disclosed.

During the course of the investigation, a provisional attachment of assets valued at Rs 46.02 crore, including bank balances and agricultural/commercial land across various regions in Punjab, Madhya Pradesh, and Rajasthan, was executed with confirmation from the Adjudicating Authority for PMLA, the ED reported.

A chargesheet concerning this case was filed on October 29, 2020, followed by a supplementary chargesheet on December 5, 2024, as stated by the ED.