The Enforcement Directorate (ED) has taken major action in an alleged money laundering case linked to the Grand Venezia Commercial Complex project in Greater Noida by provisionally attaching 389 immovable properties associated with Bhasin Infotech and Infrastructure Pvt. Ltd. (BIIPL), Grand Venezia Commercial Towers Pvt. Ltd. (GVCTPL), company director Satinder Singh Bhasin, and others. The recorded value of these attached assets is ₹240.03 crore, while the ED has claimed that their current market value is estimated to be more than ₹700 crore.
According to the ED, the action has been taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The attached properties include five immovable properties in Goa, valued at around ₹37 crore, along with 384 commercial units and shops located in the Grand Venezia Mall in Greater Noida, with an estimated value of approximately ₹203 crore.
The investigating agency has alleged that investors were encouraged to purchase commercial units in the Grand Venezia project by offering assurances of fixed returns and timely possession. However, after collecting substantial investments from buyers, the companies allegedly failed to hand over possession of the units or refund the invested money, causing significant financial losses to hundreds of investors.
The ED’s investigation was initiated based on multiple FIRs registered by the Uttar Pradesh Police and Delhi Police against BIIPL, GVCTPL, Satinder Singh Bhasin, and others. The agency has alleged that during the investigation, it was found that advance payments received from investors in the bank accounts of BIIPL and GVCTPL were routed through several Bhasin Group companies, including Niche Builders & Contractors Pvt. Ltd. The alleged transactions were aimed at concealing the source and movement of funds.
The investigation further revealed allegations that these funds were used to acquire high-value real estate properties in Goa through India Oceanworld Pvt. Ltd. and Goa Connect Properties Pvt. Ltd. The ED claimed that although these entities were projected as independent companies, their beneficial control allegedly remained with Satinder Singh Bhasin.
According to the agency, 384 commercial units spread across nearly 4.25 lakh square feet of prime commercial space in Grand Venezia Mall were allegedly transferred to another Bhasin Group entity, Grand Express Developers Pvt. Ltd., through forged and back-dated agreements. The ED has alleged that the transfer was carried out with the intention of keeping these assets beyond the reach of creditors and the ongoing Corporate Insolvency Resolution Process (CIRP).
In connection with the case, the ED conducted search operations in April 2025 at the residential and business premises of BIIPL, GVCTPL, Satinder Singh Bhasin, and other associated individuals. During the searches, the agency claimed to have seized incriminating documents, digital devices, and cash amounting to ₹36 lakh. A bank account belonging to BIIPL was also frozen as part of the investigation.
Earlier, in June 2025, the ED had provisionally attached properties worth around ₹27 crore in the same case. Subsequently, in May 2026, the agency arrested Satinder Singh Bhasin under the provisions of the PMLA. He is currently in judicial custody.
The Enforcement Directorate has stated that the investigation is still ongoing. The agency is examining various aspects, including the alleged diversion of funds, transfer of properties, and movement of money collected from investors. The final determination of these allegations will depend on the judicial process and evidence presented before the court.
