The Enforcement Directorate (ED) has provisionally attached 389 immovable properties under the Prevention of Money Laundering Act, 2002 (PMLA) in an investigation relating to the Grand Venezia Commercial Project at Greater Noida.
The attachment has been made against M/s Bhasin Infotech and Infrastructure Pvt. Ltd. (BIIPL), M/s Grand Venezia Commercial Towers Pvt. Ltd. (GVCTPL), Satinder Singh Bhasin, and other persons associated with the case.
According to the ED, the attached assets have a book value of approximately ₹240 crore, while their present market value is estimated to be over ₹700 crore.
Properties Attached Across Uttar Pradesh and Goa
According to the agency, the attached assets comprise:
- 384 commercial units and shops in the Grand Venezia Mall, Greater Noida, valued at around ₹203 crore
- Five immovable properties in Goa valued at approximately ₹37 crore
The Goa properties are stated to be held in the names of M/s India Oceanworld Pvt. Ltd. and M/s Goa Connect Properties Pvt. Ltd.
The ED alleges that several of these assets were ultimately diverted to M/s Grand Express Developers Pvt. Ltd.
Investigation Originated From Multiple FIRs
The money laundering investigation was initiated on the basis of multiple FIRs registered by the Uttar Pradesh Police and Delhi Police against BIIPL, GVCTPL, Satinder Singh Bhasin and others.
The FIRs reportedly involve allegations under various provisions of the Indian Penal Code, which subsequently formed the basis for the Enforcement Directorate's investigation under the PMLA.
Alleged Investment Fraud
According to the ED, Satinder Singh Bhasin, Director of BIIPL and GVCTPL, launched the Grand Venezia Commercial Complex project in Surajpur, Greater Noida.
The agency alleges that investors were persuaded to purchase commercial units through assurances of:
- Assured returns
- Timely possession
- Attractive investment opportunities
However, investigators allege that after collecting substantial investments, the promised commercial units were not delivered and the investors were not refunded, resulting in financial losses to numerous purchasers.
These allegations remain under investigation.
Searches Conducted During Investigation
As part of the probe, the ED conducted searches in April 2025 under Section 17 of the PMLA at residential and business premises linked to the Bhasin Group.
According to the agency, officials recovered:
- Incriminating documents
- Digital devices
- Cash amounting to ₹36 lakh
The ED also froze a bank account belonging to BIIPL during the search operations.
Earlier, in June 2025, the agency had provisionally attached properties worth ₹27 crore in the same investigation.
Arrest Under PMLA
Based on material collected during the investigation, the Enforcement Directorate arrested Satinder Singh Bhasin under the PMLA in May 2026.
According to the agency, he is presently in judicial custody, while the investigation into the financial transactions and asset trail continues.
Alleged Diversion of Investor Funds
The ED alleges that advances received from purchasers of commercial units were transferred through multiple entities within the Bhasin Group.
According to investigators, customer funds were allegedly routed through companies including M/s Niche Builders & Contractors Pvt. Ltd. before being utilised for acquiring high-value real estate.
The agency believes this routing was intended to conceal the origin and movement of the alleged proceeds of crime.
Goa Properties Under Scanner
Investigators allege that investor funds were subsequently used to acquire premium real estate in Goa.
Although these properties were registered in the names of separate companies, the ED claims that their beneficial ownership and effective control ultimately remained with Satinder Singh Bhasin.
The issue of beneficial ownership forms an important aspect of the ongoing money laundering investigation.
Alleged Sham Transactions
The Enforcement Directorate has further alleged that 384 commercial units in the Grand Venezia Mall were transferred to another Bhasin Group entity through:
- Allegedly sham transactions
- Allegedly forged documents
- Allegedly back-dated agreements
According to the agency, these transactions were designed to keep the assets beyond the reach of the Corporate Insolvency Resolution Process (CIRP) pending before the National Company Law Tribunal (NCLT).
These allegations are yet to be tested before the competent judicial forum.
Investigation Continues
The ED stated that it is continuing to examine:
- The complete flow of investor funds
- Ownership structures of associated companies
- Banking transactions
- Asset acquisitions
- Corporate relationships among various Bhasin Group entities
The agency indicated that additional assets may be identified and attached if further evidence emerges during the course of the investigation.
The allegations described by the Enforcement Directorate remain subject to investigation and judicial determination.
Shunyatax Global Insight
Real estate investment projects involving assured returns require enhanced financial transparency and governance. Where investor advances are transferred across multiple related entities, authorities may closely examine fund flows, beneficial ownership and the commercial purpose of each transaction under anti-money laundering laws. Developers should maintain clear segregation of project funds, transparent accounting records and documented inter-company transactions to minimise regulatory and insolvency-related risks.