Advertisement
What really powers the cloud? Behind every Google search, A...
A lot of what defines a home isn’t visible at handover. I...
Private equity has played a significant role in shaping Indi...
Luxury real estate is one of the most talked-about segments ...
Airports play a much bigger role than just enabling travel -...
The Directorate of Enforcement (ED) has provisionally attached 389 immovable properties valued at INR 240.03 crore under the Prevention of Money Laundering Act (PMLA) in connection with an alleged money laundering case linked to the Grand Venezia Commercial Complex project in Greater Noida. The attachment includes commercial units in Grand Venice Mall and properties in Goa. The investigation alleges that investor funds were diverted through related entities after buyers were promised assured returns and timely possession of commercial units.
The Directorate of Enforcement (ED), through its Lucknow Zonal Office, has provisionally attached 389 immovable properties worth INR 240.03 crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, as part of its investigation into an alleged money laundering case involving M/s Bhasin Infotech and Infrastructure Pvt. Ltd. (BIIPL), M/s Grand Venezia Commercial Towers Pvt. Ltd. (GVCTPL), Satinder Singh Bhasin and others. According to the agency, the attached assets include commercial properties in Greater Noida and immovable assets located in Goa that were allegedly acquired using diverted investor funds.
The attached assets comprise 384 commercial units in the Grand Venice Mall, Greater Noida, with an estimated value of INR 203 crore, along with five immovable properties in Goa valued at approximately INR 37 crore. The ED stated that while the provisional attachment has been made at a value of INR 240.03 crore, the present market value of the properties is estimated to exceed INR 700 crore. The action forms part of the agency's continuing investigation into the financial transactions associated with the Grand Venezia Commercial Complex project.
The money laundering investigation originates from multiple First Information Reports (FIRs) registered by the Uttar Pradesh Police and Delhi Police against the companies and their promoters. Investigators allege that investors were encouraged to purchase commercial units in the Grand Venezia Commercial Complex after being offered assurances relating to fixed returns and possession within committed timelines. However, after substantial investments were collected, the promised units were allegedly not handed over, while refunds were also not made to numerous investors.
During the investigation, the ED examined financial transactions involving the project and alleged that customer advances received by the developer were transferred through other companies associated with the Bhasin Group before being utilised for acquiring high-value real estate. The agency further alleged that hundreds of commercial units in the Grand Venice Mall were transferred to another group entity through transactions that are under investigation, with the objective of keeping those assets beyond the scope of the ongoing corporate insolvency resolution proceedings before the National Company Law Tribunal (NCLT).
The present attachment follows earlier enforcement measures taken in the case. Search operations conducted by the ED in April 2025 resulted in the seizure of documents, electronic devices and cash, while a bank account of one of the companies was frozen. Subsequently, properties valued at INR 27 crore were provisionally attached in June 2025. The agency also arrested Satinder Singh Bhasin under the PMLA in May 2026, and he remains in judicial custody.
The ED has stated that the investigation is continuing to examine the movement of funds, identify additional assets linked to the alleged proceeds of crime and determine the role of individuals and entities connected with the project. The agency is expected to pursue further action under the provisions of the PMLA based on the outcome of the ongoing investigation.
Source- ED
Advertisement
Facebook
Whatsapp
