The directorate of enforcement (ED) has provisionally attached 389 immovable properties worth ₹240.03 crore under the Prevention of Money Laundering Act (PMLA), 2002, in connection with an alleged money laundering case involving Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL), Grand Venezia Commercial Towers Pvt Ltd (GVCTPL), the company director Satinder Singh Bhasin and others.
According to the ED, the present market value of the attached properties is estimated to be more than ₹700 crore.
The attachment includes five immovable properties in Goa worth ₹37 crore held in the names of India Oceanworld Pvt Ltd and Goa Connect Properties Pvt Ltd. It also covers 384 commercial units and shops in Grand Venice Mall at Greater Noida valued at ₹203 crore, which the agency alleged were fraudulently diverted in the name of Grand Express Developers Pvt Ltd.
ED's investigation stems from multiple first information reports (FIRs) registered by the Uttar Pradesh police and the Delhi police against BIIPL, GVCTPL, Mr Bhasin and others under various provisions of the Indian Penal Code.
According to the agency, Mr Bhasin, who served as director of BIIPL and GVCTPL, launched the 'Grand Venezia Commercial Complex' project at Surajpur in Greater Noida and allegedly persuaded numerous investors to purchase commercial units by promising assured returns and timely possession.
ED alleged that after collecting substantial investments, the company neither handed over possession of the commercial units nor refunded investors' money, resulting in significant financial losses for hundreds of buyers.
The investigation found that advances received from customers in the bank accounts of BIIPL and GVCTPL were allegedly routed through several Bhasin group companies, including Niche Builders & Contractors Pvt Ltd, to conceal the movement of funds.
ED alleged that the money was subsequently used to acquire high-value real estate in Goa through India Oceanworld and Goa Connect Properties. Although these entities were projected as independent companies, the agency claimed they were beneficially controlled by Mr Bhasin.
The agency further alleged that 4,25,152sqft (square feet) of prime commercial space comprising 384 units in Grand Venice Mall was transferred to another Bhasin group entity, Grand Express Developers, through sham transactions backed by forged and back-dated agreements.
According to ED, the alleged diversion was intended to place these assets beyond the reach of the corporate insolvency resolution process (CIRP) currently pending before the national company law tribunal (NCLT).
ED said it had conducted searches under Section 17 of the PMLA in April 2025 at the residential and business premises of BIIPL, GVCTPL, Mr Bhasin and other associated persons.
During the searches, the agency seized incriminating documents, digital devices and cash amounting to ₹36 lakh, while also freezing a bank account belonging to BIIPL.
In June 2025, the ED had provisionally attached properties worth ₹27 crore in the same case.
ED arrested Satinder Singh Bhasin in May 2026 under the provisions of the PMLA. He is currently in judicial custody.
Further investigation into the alleged money laundering case is continuing, the agency said.
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