The Enforcement Directorate (ED) has taken fresh action in the alleged money laundering case linked to the Grand Venezia Commercial Complex project in Greater Noida.
The agency has provisionally attached 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 other connected persons.
According to the ED, the properties have a recorded value of approximately ₹240.03 crore, while their estimated current market value exceeds ₹700 crore.
Properties Attached Under PMLA
The attachment has been made under the provisions of the Prevention of Money Laundering Act, 2002.
The attached assets include:
- Five immovable properties in Goa valued at around ₹37 crore
- 384 commercial units and shops in Grand Venezia Mall valued at approximately ₹203 crore
The 384 commercial units reportedly cover nearly 4.25 lakh square feet of prime commercial space in Greater Noida.
Investors Allegedly Promised Assured Returns
According to the investigating agency, investors were encouraged to purchase commercial units in the Grand Venezia project through promises of:
- Fixed or assured returns
- Timely possession of commercial units
- Attractive long-term investment benefits
The ED alleges that after substantial funds were collected, the companies failed to hand over possession of the units or return the investors’ money.
Hundreds of investors are alleged to have suffered financial losses. These claims remain subject to investigation and judicial determination.
Investigation Based on Multiple FIRs
The money laundering probe was initiated on the basis of multiple FIRs registered by the Uttar Pradesh Police and Delhi Police.
The cases were registered against BIIPL, GVCTPL, Satinder Singh Bhasin and other persons over allegations linked to cheating, non-delivery of commercial units and failure to refund investor funds.
These alleged scheduled offences formed the basis for the ED’s proceedings under the PMLA.
Investor Funds Allegedly Routed Through Group Companies
The ED alleges that advance payments received from investors in the bank accounts of BIIPL and GVCTPL were routed through several Bhasin Group entities.
One of the companies named in the investigation is Niche Builders & Contractors Pvt. Ltd.
According to the agency, the movement of funds through multiple related entities was allegedly intended to conceal the source, ownership and ultimate use of the money collected from investors.
Investigators are examining banking records, inter-company transfers and financial documents to reconstruct the complete fund trail.
Goa Properties Acquired Through Investor Money
The agency further alleges that part of the investor funds was used to purchase high-value real estate in Goa.
The five attached Goa properties were reportedly held through:
- India Oceanworld Pvt. Ltd.
- Goa Connect Properties Pvt. Ltd.
Although these entities were presented as independent companies, the ED has claimed that their beneficial control allegedly remained with Satinder Singh Bhasin.
The investigation is therefore examining both the registered ownership and the individuals who exercised effective control over the assets.
Commercial Units Allegedly Transferred Through Sham Deals
According to the ED, the 384 units in Grand Venezia Mall were allegedly transferred to another Bhasin Group company, Grand Express Developers Pvt. Ltd.
The agency has alleged that the transfer relied on:
- Forged agreements
- Back-dated documents
- Transactions lacking genuine commercial substance
The alleged purpose was to keep the commercial properties beyond the reach of creditors and outside the ongoing Corporate Insolvency Resolution Process (CIRP).
These allegations have not yet been finally adjudicated by a court.
Insolvency Proceedings Also Under Focus
The investigation has an important insolvency dimension because the alleged transfer of assets may have affected the pool of properties available to creditors.
Where a company is undergoing CIRP, transfers involving related parties, undervalued transactions or allegedly fabricated documents may attract scrutiny under both insolvency law and criminal law.
The ED is examining whether the commercial units were deliberately moved away from the entities facing creditor claims.
Searches Conducted in April 2025
The Enforcement Directorate conducted searches in April 2025 at residential and business premises linked to BIIPL, GVCTPL, Satinder Singh Bhasin and other associated individuals.
During the searches, the agency claimed to have seized:
- Allegedly incriminating documents
- Digital devices
- Cash amounting to ₹36 lakh
A bank account belonging to BIIPL was also frozen as part of the investigation.
The seized records are being examined to identify transactions, beneficial ownership arrangements and possible diversion of investor money.
Earlier Properties Worth ₹27 Crore Attached
This is not the first attachment made in the case.
In June 2025, the ED had provisionally attached properties worth approximately ₹27 crore.
The latest attachment significantly expands the value and number of assets brought under the agency’s action.
Satinder Singh Bhasin in Judicial Custody
The ED arrested Satinder Singh Bhasin under the PMLA in May 2026.
According to the agency, he is currently in judicial custody.
The arrest and attachment proceedings are separate stages of the investigation, and the final determination of criminal liability will depend on the judicial process.
Investigation Remains Ongoing
The Enforcement Directorate continues to examine:
- Collection and utilisation of investor advances
- Transfers between Bhasin Group companies
- Ownership and control of Goa properties
- Alleged transfer of commercial units
- Impact on creditors and insolvency proceedings
- Possible involvement of additional persons or entities
Further assets may be identified or attached if the agency discovers additional alleged proceeds of crime.
All allegations remain subject to investigation, legal challenge and final determination by the competent court.
Shunyatax Global Insight
The Grand Venezia case highlights the legal risks that arise when investor advances are transferred between related companies without clear commercial justification. In real estate projects, developers should maintain project-wise bank accounts, transparent utilisation records and properly documented related-party transactions.
During insolvency proceedings, asset transfers made through back-dated, undervalued or non-genuine agreements may face scrutiny from resolution professionals, creditors and enforcement agencies. Strong accounting controls, beneficial ownership disclosures and independent transaction approvals are essential to protect investors and reduce regulatory exposure.