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• The Enforcement Directorate (ED) has arrested Satinder Singh Bhasin, promoter and director of Noida-based Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL), in a money laundering investigation linked to alleged fraud involving homebuyers and investors.
• Bhasin, who is also associated with the Grand Venice Mall project in Greater Noida, was taken into custody and remanded to ED custody until June 6 by a special PMLA court in Ghaziabad.
• The case stems from multiple FIRs registered by Uttar Pradesh Police in 2015 alleging that funds collected from investors for commercial real estate units were not utilised for the promised developments.
• Investigators have alleged that money raised from the public was diverted through associated entities and group companies instead of being deployed for project construction and delivery.
• The arrest follows directions issued by the Supreme Court after the agency alleged that the promoter had not been cooperating with the investigation.
The Enforcement Directorate (ED) has arrested Satinder Singh Bhasin, promoter and director of Noida-based Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL), as part of an ongoing money laundering investigation linked to alleged fraud involving homebuyers and investors in multiple commercial real estate projects. Bhasin was taken into custody on Friday and later produced before a special Prevention of Money Laundering Act (PMLA) court in Ghaziabad, which remanded him to ED custody until June 6.
Bhasin is also known as the owner of the Grand Venice Mall in Greater Noida, a prominent mixed-use development in the region. According to officials, the arrest was made following allegations that substantial funds collected from investors and buyers were not utilised for the development and delivery of the promised commercial real estate units. Investigators have alleged that several projects remained incomplete despite significant collections from purchasers.
The money laundering case originates from multiple FIRs registered by Uttar Pradesh Police in 2015 against BIIPL, entities associated with the Grand Venice Group, Bhasin and other individuals. The complaints alleged that investors had deposited large sums after being assured of timely possession of commercial units. However, according to the allegations under investigation, several of the projects were either delayed indefinitely or were not delivered as promised.
The ED stated that its investigation revealed that funds collected from the public were allegedly diverted through various group companies and associated entities rather than being deployed for project construction and development. Officials are examining financial transactions and fund flows across multiple entities connected to the group to determine the extent of the alleged diversion of investor money.
According to agency officials, Bhasin had been avoiding summons issued during the course of the investigation and was allegedly not cooperating with investigators. The arrest follows directions issued by the Supreme Court on May 15, which instructed the ED to take action against him in connection with the ongoing probe.
The case forms part of a broader series of investigations into alleged diversion of homebuyer and investor funds across several real estate projects in the National Capital Region. In recent months, enforcement agencies have intensified scrutiny of stalled housing and commercial developments amid concerns regarding the utilisation of project-specific collections and the financial management of developer entities.
The ED had previously attached a residential property linked to Bhasin in Rajouri Garden, Delhi, under the provisions of the PMLA. According to the agency, the property carried an estimated market value of approximately INR 44.06 crore. Investigations into the financial transactions, project accounts and ownership structures connected with the group remain ongoing.
Source - PTI
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