New Delhi, May 31 (IANS) Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL) promoter Satinder Singh Bhasin, arrested in connection with the alleged Grand Venice Mall project fraud in Greater Noida, has been sent to ED custody for a week by a Ghaziabad court.
A special PMLA court in Uttar Pradesh’s Ghaziabad remanded Satinder Bhasin into the ED custody till June 6.
Satinder Singh Bhasin is the promoter of Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL) and Grand Venezia Commercial Towers Pvt Ltd (GVCTPL).
The promoter was arrested by the ED’s Lucknow zone office on May 29, in connection with a money laundering case under the Prevention of Money Laundering Act.
According to the probe agency, Bhasin had been evading summons and was not cooperating with the investigation. The Supreme Court, in its May 15 order, had directed the investigative agency to take him into custody.
The probe agency investigated him on the basis of multiple FIRs registered by UP Police against BIIPL, GVCTPL, Satinder Singh Bhasin, Quincy Bhasin and others for offences under various Sections of IPC, 1860, on charges of cheating, fraud and criminal conspiracy.
As per the FIRs, the accused persons collected Rs 93.23 crore from investors in real estate projects by promising the timely delivery of commercial units, which were never completed or handed over.
“The investigation revealed that funds collected from the public were diverted and dissipated through a web of group companies and associate entities, instead of being used for the construction and development of promised projects,” said the agency in a statement.
Earlier, searches were conducted by ED in April 2025, under the provisions of PMLA at nine locations related to accused persons in Delhi, Noida and Goa. During the search, incriminating documents, electronic records, and approximately Rs 36 lakh in cash were seized.
ED had also provisionally attached a residential house of Santinder Singh Bhasin located at Rajouri Garden, West Delhi, under the provisions of PMLA. The present value of the property is Rs 44.06 crore.
Further investigation into the case is in progress.
–IANS
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