Daijiworld Media Network - Lucknow
Lucknow, Jul 20: The Directorate of Enforcement (ED) has attached 389 immovable properties worth Rs 240.03 crore in connection with an alleged real estate fraud involving Bhasin Infra, with officials estimating the current market value of the assets at over Rs 700 crore.
The action, carried out by the ED's Lucknow Zonal Office, relates to a money laundering investigation into the proposed Grand Venezia Commercial Complex in Surajpur, Greater Noida, where investors were allegedly duped after being promised commercial spaces, assured returns and timely possession.
According to an official statement, the attached assets include five immovable properties in Goa, valued at around Rs 37 crore, held in the names of India Oceanworld Pvt. Ltd. and Goa Connect Properties Pvt. Ltd.
The agency also attached 384 commercial units and shops in the Grand Venice Mall, Greater Noida, valued at approximately Rs 203 crore, alleging that these properties had been fraudulently diverted to Grand Express Developers Pvt. Ltd.
The attachments were made under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, as part of an investigation involving Bhasin Infotech and Infrastructure Pvt. Ltd. (BIIPL), Grand Venezia Commercial Towers Pvt. Ltd. (GVCTPL), promoter Satinder Singh Bhasin, and others.
The ED had arrested Satinder Singh Bhasin in May 2026 under the PMLA, and he is currently lodged in judicial custody.
The money laundering probe stems from multiple FIRs registered by the Uttar Pradesh Police and the Delhi Police against BIIPL, GVCTPL, Bhasin and other accused under various provisions of the Indian Penal Code.
Investigators alleged that Bhasin launched the Grand Venezia Commercial Complex project in Greater Noida and persuaded hundreds of investors to purchase commercial units by promising guaranteed returns and timely delivery. However, after collecting substantial investments, the accused allegedly failed to hand over possession or refund the money.
The ED said its investigation revealed that customer funds deposited in the accounts of BIIPL and GVCTPL were allegedly routed through several Bhasin Group companies, including Niche Builders & Contractors Pvt. Ltd., in an attempt to conceal the money trail before being used to acquire premium real estate in Goa.
According to the agency, the Goa-based companies that purchased these properties were beneficially controlled by Bhasin.
The investigation further alleged that 4,25,152 square feet of commercial space, comprising 384 units in the Grand Venice Mall, was transferred to Grand Express Developers Pvt. Ltd. through what the ED described as sham transactions supported by forged and backdated agreements. The agency claimed the transfers were intended to keep the assets beyond the reach of the ongoing Corporate Insolvency Resolution Process before the National Company Law Tribunal (NCLT).
Earlier in the investigation, the ED conducted searches in April 2025 at the residential and business premises of BIIPL, GVCTPL, Bhasin and other associates under the PMLA. During those raids, officials seized incriminating documents, digital devices and Rs 36 lakh in cash, besides freezing a bank account belonging to BIIPL.
In June 2025, the agency had also provisionally attached properties worth Rs 27 crore as part of the same investigation.