India, Feb. 10 -- In a move aimed at compensating banks in a real estate fraud case, the Enforcement Directorate (ED) on Tuesday handed over six seized immovable properties to the State Bank of Patiala and Catholic Syrian Bank.

While the sale deeds value these assets at Rs.20.21 crore, their current market value is pegged at Rs.50 crore.

The transfer was carried out under the Prevention of Money Laundering Act (PMLA), following an order by a special court in Mohali.

The properties, primarily commercial sites in Fatehgarh Sahib district, were attached during an investigation into Neeraj Thatai, alias Neeraj Arora. Thatai, the promoter of Nature Heights Infra Ltd, is accused of orchestrating a major real estate scam.

The ED's investigat...