Lucknow, July 20 (SocialNews.XYZ) The ED attached 389 immovable properties worth Rs 240.03 crore (present market value is more than Rs 700 crore) of real estate firm Bhasin Infra, which duped investors after collecting money from them for commercial space at a mall in Greater Noida’s Surajpur, an official said on Monday.
The action by the Directorate of Enforcement (ED), Lucknow Zonal Office, against builders of the proposed 'Grand Venezia Commercial Complex' at Surajpur, Greater Noida, resulted in the attachment of 5 immovable properties in Goa worth Rs 37.00 crore, standing in the name of India Oceanworld Pvt. Ltd. and Goa Connect Properties Pvt. Ltd., said the official in a statement.
The ED also attached 384 commercial units/shops in Grand Venice Mall, Greater Noida, valued at Rs 203 Crore, which were fraudulently diverted in the name of Grand Express Developers Pvt. Ltd., the statement said.
The action was taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with a money laundering case involving Bhasin Infotech and Infrastructure Pvt. Ltd. (BIIPL), Grand Venezia Commercial Towers Pvt. Ltd. (GVCTPL), Satinder Singh Bhasin, and others.
In this case, Bhasin was arrested by the ED in May 2026 under the PMLA. He is currently under judicial custody.
The ED initiated an investigation based on multiple FIRs registered by the Uttar Pradesh Police and the Delhi Police against BIIPL, GVCTPL, Satinder Singh Bhasin and others, under various Sections of the Indian Penal Code, 1860.
It is alleged that Bhasin, Director of BIIPL and GVCTPL, launched a real estate project titled 'Grand Venezia Commercial Complex' at Surajpur, Greater Noida, and induced numerous investors to invest through false assurances of assured returns and timely possession of commercial units, the ED said.
After collecting substantial sums, the accused neither delivered possession nor refunded the invested amounts, causing wrongful loss to hundreds of investors, the statement said.
Investigation revealed that customer advances collected in the bank accounts of BIIPL and GVCTPL were routed through related Bhasin Group entities, including Niche Builders & Contractors Pvt. Ltd., to obscure the money trail, before being utilised to acquire high-value real estate in Goa in the names of India Oceanworld Pvt. Ltd. and Goa Connect Properties Pvt. Ltd, the ED said.
These entities, which acquired real estate in Goa, were beneficially controlled by Bhasin. Further, 4,25,152 sq. ft. of prime commercial space (384 commercial units) in Grand Venice Mall was diverted to another Bhasin Group entity, Grand Express Developers Pvt. Ltd., on the basis of sham transactions and using forged and back-dated agreements, to place the asset beyond the reach of the Corporate Insolvency Resolution Process pending before the NCLT, the ED said.
Earlier in this case, search operations under Section 17 of the PMLA were conducted in April 2025 at the residential and business premises of BIIPL, GVCTPL, Bhasin, and associated persons, during which incriminating documents, digital devices, and cash amounting to Rs 36 lakh were seized, and a bank account of BIIPL was frozen. Also in June 2025, property worth Rs 27 crore was provisionally attached by the ED.
Source: IANS
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