The Enforcement Directorate (ED) has recently frozen a residential property in Delhi, valued at over ₹44 crore, as part of its ongoing investigation into a Noida-based real estate firm and its promoters accused of defrauding homebuyers. The probe specifically targets Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL) and its director, Satinder Singh Bhasin.
This money laundering case originates from multiple First Information Reports (FIRs) lodged by the Uttar Pradesh Police (Noida) back in 2015. These complaints were filed against BIIPL, various entities within the Grand Venice group, Bhasin, Quincy Bhasin, and others, citing charges of cheating, fraud, and criminal conspiracy.
The ED alleges that the accused collected substantial sums, totaling hundreds of crores of rupees, from investors in real estate ventures. These investors were promised timely delivery of commercial units, which were reportedly “never” completed or handed over. Instead of using the funds for the promised construction and development, the money collected from the public was allegedly “diverted” and “dissipated” by the accused through a complex network of group companies and associated entities.
The agency further noted that these entities were overseen by Bhasin, Harpreet Singh Chhabra, and Ajay Dhawan, and the illicit proceeds were “layered” and distributed across numerous accounts, making direct tracing challenging.
The attached property, an “independent residential house” situated in the upscale Rajouri Garden area of West Delhi, is registered in the name of the “main accused,” Bhasin. The ED’s Lucknow zonal office issued a provisional order under the Prevention of Money Laundering Act (PMLA) to attach this asset. While its market value was assessed at ₹27.01 crore on June 9, 2015 (the date of the police FIR), its current value stands at ₹44.06 crore.
In April, the ED conducted raids related to this case in Delhi, Noida, and Goa, resulting in the seizure of approximately ₹36 lakh in cash, alongside various documents and electronic records.
