The Directorate of Enforcement has restituted six immovable properties valued at approximately ₹20.21 crore to two banks following directions from a special court under the Prevention of Money Laundering Act (PMLA), 2002. The properties, located in Punjab, were earlier attached in connection with a money laundering probe into an alleged large-scale investor fraud involving real estate firm Nature Heights Infra Limited and its director Neeraj Thatai, also known as Neeraj Arora.
According to the enforcement agency, the restitution was carried out by its Jalandhar zonal office pursuant to an order dated February 6, 2026, passed by the special PMLA court in Mohali. While the valuation of the assets as per registered sale deeds stood at ₹20.21 crore, the present market value of the restituted properties is estimated to be close to ₹50 crore.
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The six properties have been returned to the State Bank of Patiala and Catholic Syrian Bank, which were among the claimants in the proceedings. These include commercial properties situated in Fatehgarh Sahib district of Punjab, the agency said.
The assets were originally attached under the provisions of the PMLA during an investigation into alleged laundering of proceeds of crime generated through cheating and misappropriation of investor funds. The case pertains to Nature Heights Infra Limited and its director Neeraj Thatai, who is accused of defrauding a large number of investors by collecting money on the pretext of allotting land and commercial properties.
The enforcement probe was initiated on the basis of multiple first information reports registered by the Punjab Police under various sections of the Indian Penal Code, 1860. The FIRs accused Neeraj Thatai, his company, and others of cheating investors and siphoning off funds collected from the public.
Investigators found that substantial sums deposited by investors into bank accounts linked to Neeraj Thatai, Nature Heights Infra Limited, and associated group entities were diverted for the purchase of land and other properties. These funds were also allegedly used for personal expenditures, without any corresponding allotment of land or refund to the investors.
The enforcement agency stated that the properties purchased by the accused were registered using money collected from investors who neither received possession of property nor had their investments returned. The pattern of transactions, according to investigators, indicated systematic diversion and laundering of funds generated through fraudulent inducement.
During the course of the investigation, provisional attachment orders were issued for assets worth approximately ₹46.02 crore. These included bank balances as well as agricultural and commercial land located across Punjab, Madhya Pradesh, and Rajasthan. The attachment orders were subsequently confirmed by the adjudicating authority under the PMLA.
Neeraj Thatai was arrested by the enforcement agency on October 8, 2024, in connection with the case. He is currently in judicial custody. A prosecution complaint was filed before the special PMLA court on October 29, 2020, followed by a supplementary prosecution complaint on December 5, 2024, detailing additional findings from the ongoing probe.
The agency said the restitution of properties to the banks was permitted after the court examined the claims and the nature of the attached assets, allowing secured creditors to recover their dues in accordance with law.
Further investigation into the alleged laundering of investor funds and tracing of additional proceeds of crime is continuing, the enforcement agency added.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
