- ED arrests BIIPL promoter Satinder Singh Bhasin
- Arrest linked to alleged Grand Venice Mall project fraud
- Court remands Bhasin to ED custody till June 6
- Probe agency alleges diversion of investor funds through group entities
GG News Bureau
Noida, 30th May: The Enforcement Directorate (ED) has arrested Satinder Singh Bhasin in connection with an alleged real estate fraud linked to the Grand Venice Mall project in Greater Noida.
According to officials, Bhasin, promoter of Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL), was arrested by the ED’s Lucknow Zonal Office on May 29 under provisions of the Prevention of Money Laundering Act (PMLA), 2002.
He was subsequently produced before a Special PMLA Court in Ghaziabad, which remanded him to ED custody until June 6.
The agency said Bhasin had been evading summons and was not cooperating with the investigation. Officials noted that the Supreme Court had, in an order dated May 15, directed the ED to take him into custody.
The money laundering investigation stems from multiple FIRs registered by Uttar Pradesh Police against BIIPL, Grand Venice Group entities, Satinder Singh Bhasin, Quincy Bhasin and others.
According to the ED, the accused allegedly collected crores of rupees from investors by promising commercial units in real estate projects that were either not completed or never handed over to buyers.
Investigators claim that funds collected from investors were diverted through a network of group companies and associated entities instead of being used for project construction and development.
The ED said its probe has uncovered evidence suggesting large-scale diversion of funds raised from investors, leading to significant financial losses for buyers who had invested in the projects.
Earlier in the investigation, the agency provisionally attached a residential property owned by Bhasin in Delhi’s Rajouri Garden area. The ED estimated the current market value of the property at approximately ₹44.06 crore.
Officials said further investigation is underway to trace additional assets and examine the flow of funds connected to the alleged fraud.
The case is one of several ongoing probes into alleged irregularities in real estate projects in the National Capital Region, where investors have complained of delayed possession, incomplete developments and diversion of funds.
