In a strong move in the alleged fraud linked to the Grand Venice project in Greater Noida, the Supreme Court of India has ordered the issuance of a look-out notice against businessman Satinder Singh Bhasin. The Court made it clear that failure to surrender despite cancellation of bail amounts to serious non-compliance, and directed authorities to take all necessary steps to secure his presence.
The Bench instructed that all airports across the country be alerted to prevent the accused from leaving India. Authorities were also directed to take immediate steps to detain Bhasin and ensure his production before the Court.
During the hearing, the Court noted that Bhasin had not surrendered despite earlier directions. Expressing displeasure, it directed the Director General of Police of Uttar Pradesh to personally ensure compliance and secure his surrender at the earliest. The Court further ordered that Bhasin must immediately surrender before the Superintendent of Lukshar Jail in Gautam Buddh Nagar district.
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Grand Venice fraud and bail conditions
The case pertains to alleged cheating of investors in connection with the Grand Venice real estate project. Criminal cases registered in Delhi and Noida accuse Bhasin of collecting large sums from investors without fulfilling project commitments. Several allottees approached the Court, claiming they neither received possession nor refunds despite long delays.
The Supreme Court had granted conditional bail to Bhasin in November 2019, requiring him to make genuine efforts to settle claims with investors. However, multiple allottees later moved the Court seeking cancellation of bail, alleging that he had failed to comply with these conditions.
Based on these submissions, the Court cancelled his bail on April 2, 2026, directing him to surrender within one week. It also ordered forfeiture of ₹50 crore deposited earlier as part of the bail conditions.
Assets frozen, full disclosure ordered by May 4
In the latest hearing, the Court observed that Bhasin had neither surrendered nor complied with its directives. Consequently, it ordered freezing of all his assets. He has also been directed to submit a complete list of his movable and immovable assets, along with liabilities, by May 4.
The Court further clarified that rental income from companies where Bhasin is a promoter or shareholder—except those already undergoing insolvency proceedings—shall not be released until further orders. Additionally, he has been restrained from creating any third-party rights over his assets.
Considering the gravity of the case, the Court directed state authorities to initiate appropriate proceedings under the Bharatiya Nagarik Suraksha Sanhita (BNSS).
Stay on surrender order and next steps
In a significant development, the Court also stayed the April 8 order of the Chief Judicial Magistrate, Gautam Buddh Nagar, which had rejected Bhasin’s plea seeking permission to surrender.
The matter is scheduled for further hearing on May 4, when the Court will review compliance with its directions. Legal experts believe the Supreme Court’s strict stance sends a clear message that non-compliance in cases involving investor fraud will not be tolerated.
The developments not only escalate legal troubles for the accused but also underline the judiciary’s focus on accountability and transparency in the real estate sector. The Court’s proactive approach reflects the importance of safeguarding investor interests and ensuring that justice is effectively enforced in cases of financial misconduct.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
