The Enforcement Directorate (ED) has provisionally attached 389 immovable properties worth ₹240 crore, with an estimated current market value of over ₹700 crore, in connection with an alleged investment fraud and money laundering case linked to the Grand Venezia Commercial Project in Greater Noida. The action has been taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, against 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 ED, the attached assets include five immovable properties in Goa valued at approximately ₹37 crore, held in the names of M/s India Oceanworld Pvt. Ltd. and M/s Goa Connect Properties Pvt. Ltd. In addition, the agency has attached 384 commercial units and shops in the Grand Venezia Mall, Greater Noida, valued at around ₹203 crore. The ED alleges that these assets were diverted to M/s Grand Express Developers Pvt. Ltd.
The ED said its money laundering investigation was initiated on the basis of multiple FIRs registered by the Uttar Pradesh Police and the Delhi Police against BIIPL, GVCTPL, Satinder Singh Bhasin and others under various provisions of the Indian Penal Code. Based on the findings of those investigations, the agency initiated proceedings under the PMLA.
According to the agency, Satinder Singh Bhasin, Director of BIIPL and GVCTPL, launched the Grand Venezia Commercial Complex project at Surajpur in Greater Noida. It is alleged that investors were persuaded to purchase commercial units by promising assured returns and timely possession. However, after collecting substantial investments, the accused allegedly neither handed over possession of the units nor refunded the money, causing financial losses to hundreds of investors.
As part of the investigation, the ED conducted searches in April 2025 under Section 17 of the PMLA at residential and business premises linked to the Bhasin Group. During the searches, officials seized incriminating documents, digital devices and ₹36 lakh in cash, besides freezing a bank account of BIIPL. In June 2025, the agency had provisionally attached properties worth ₹27 crore in the same case.
Based on the evidence gathered during the investigation, the ED arrested Satinder Singh Bhasin under the PMLA in May 2026. He is currently in judicial custody, while the investigation remains ongoing.
The agency further alleged that customer advances received in the bank accounts of BIIPL and GVCTPL were routed through other Bhasin Group entities, including M/s Niche Builders & Contractors Pvt. Ltd., to conceal the money trail. According to the ED, the funds were subsequently used to acquire high-value real estate in Goa. Investigators claim that although the properties were shown in the names of independent companies, their beneficial control allegedly remained with Bhasin.
The ED has also alleged that 384 commercial units in Grand Venezia Mall were transferred to another Bhasin Group entity through sham transactions and allegedly forged, back-dated agreements. According to the agency, the objective was to keep these assets beyond the reach of the Corporate Insolvency Resolution Process (CIRP) pending before the National Company Law Tribunal (NCLT).
The Enforcement Directorate said the investigation into the flow of funds, ownership of assets and financial transactions among the associated companies is continuing. Based on the findings, the agency may identify and attach additional assets and initiate further legal proceedings in the case.
