LUCKNOW: The Directorate of Enforcement (ED), Lucknow Zonal Office, has provisionally attached 389 immovable properties valued at Rs 240.03 crore under the Prevention of Money Laundering Act (PMLA), 2002, in connection with an alleged money laundering case involving M/s Bhasin Infotech and Infrastructure Pvt. Ltd. (BIIPL), M/s Grand Venezia Commercial Towers Pvt. Ltd. (GVCTPL), Satinder Singh Bhasin, and others. According to the ED, the present market value of the attached assets exceeds Rs 700 crore.The attached assets include five immovable properties in Goa worth Rs 37 crore, held in the names of M/s India Oceanworld Pvt. Ltd. and M/s Goa Connect Properties Pvt. Ltd., along with 384 commercial units and shops in Grand Venice Mall, Greater Noida, valued at Rs 203 crore. The ED alleged that these commercial units were fraudulently diverted in the name of M/s Grand Express Developers Pvt. Ltd.The 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 under various provisions of the Indian Penal Code.According to the ED, Satinder Singh Bhasin, Director of BIIPL and GVCTPL, launched the ‘Grand Venezia Commercial Complex’ project at Surajpur in Greater Noida and allegedly lured investors by promising assured returns and timely possession of commercial units. After collecting substantial investments from hundreds of buyers, the accused allegedly failed to hand over possession of the units or refund the money, resulting in significant financial losses to investors.The probe further revealed that customer advances deposited into the accounts of BIIPL and GVCTPL were allegedly routed through related Bhasin Group companies, including M/s Niche Builders & Contractors Pvt. Ltd., in an attempt to conceal the money trail. he funds were then allegedly used to acquire high-value real estate in Goa through M/s India Oceanworld Pvt. Ltd. and M/s Goa Connect Properties Pvt. Ltd., companies that were projected as independent entities but were allegedly beneficially controlled by Satinder Singh Bhasin.The ED also alleged that 4,25,152 square feet of prime commercial space comprising 384 commercial units in Grand Venice Mall was diverted to M/s Grand Express Developers Pvt. Ltd. through sham transactions, forged documents and back-dated agreements. The agency claimed the diversion was intended to keep the assets beyond the reach of the Corporate Insolvency Resolution Process (CIRP) pending before the National Company Law Tribunal (NCLT).Earlier, in April 2025, the ED had conducted searches under Section 17 of the PMLA at the residential and business premises of BIIPL, GVCTPL, Satinder Singh Bhasin and their associates. During the raids, investigators 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 provisionally attached properties worth Rs 27 crore in the same case.The ED arrested Satinder Singh Bhasin under the provisions of the PMLA in May 2026, and he is currently in judicial custody.Further investigation into the case is underway.
