- Satinder Singh Bhasin, promoter of BIIPL, was arrested by ED on May 29 in Noida fraud case
- He was remanded to ED custody by Ghaziabad court till June 6 under the Prevention of Money Laundering Act
- Bhasin had evaded summons and was ordered into custody by the Supreme Court on May 15
The Enforcement Directorate (ED) on Saturday said it had arrested Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL) promoter Satinder Singh Bhasin in connection with the alleged Grand Venice Mall project fraud in Greater Noida.
Officials said Bhasin was arrested by the ED's Lucknow Zonal Office on May 29 under the Prevention of Money Laundering Act (PMLA), 2002. Thereafter, he was produced before the Special PMLA Court in Ghaziabad, which remanded him to ED custody till June 6.
The probe agency said Bhasin had been evading summons and was not cooperating with the investigation. The Supreme Court, in an order dated May 15, had directed the ED to take him into custody.
The money laundering probe stems from multiple FIRs registered by Uttar Pradesh Police against BIIPL, Grand Venice Group entities, Satinder Singh Bhasin, Quincy Bhasin and others. The accused allegedly collected crores of rupees from investors by promising delivery of commercial units in real estate projects that were never completed or handed over.
The probe agency's investigation revealed that funds raised from investors were allegedly diverted through a network of group companies and associated entities instead of being utilised for the construction and development of the promised projects.
Earlier, the ED had provisionally attached a residential property belonging to Satinder Singh Bhasin in Delhi's Rajouri Garden. The agency said the current value of the property is estimated at Rs 44.06 crore.
Further investigation into the case is underway.
