The Enforcement Directorate (ED) has provisionally attached a Delhi residential property valued at over Rs 44 crore under the Prevention of Money Laundering Act (PMLA). The action targets Satinder Singh Bhasin, director of Noida-based Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL), in connection with an ongoing money laundering probe, as per PTI.
This investigation traces back to a series of FIRs registered by the Uttar Pradesh Police (Noida) in 2015 against BIIPL, Grand Venice group entities, Satinder Singh Bhasin, his son Quincy Bhasin and others on charges of cheating, fraud and criminal conspiracy. Complainants told police that the accused collected hundreds of crores from investors by promising the timely delivery of commercial units, which were "never" completed or handed over, the report added.
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The ED’s Lucknow zonal office has identified a “residential independent house” at D-24 Rajouri Garden in West Delhi, held in the name of the “main accused” Bhasin, as proceeds of crime. A provisional attachment order was issued after market assessments valued the property at Rs 27.01 crore on June 9, 2015 (the date of the initial FIR) and at Rs 44.06 crore presently, as per the report.
According to the agency, funds mobilised from the public were “diverted” and “dissipated” through a labyrinth of group companies and associate entities instead of being utilised for the construction and development of the promised projects. The ED further alleges that these companies, controlled by Bhasin alongside Harpreet Singh Chhabra and Ajay Dhawan, were used to “layer” illicit proceeds and park them across multiple entities to obscure their origin.
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In April, the ED conducted coordinated raids at locations in Delhi, Noida and Goa, seizing about Rs 36 lakh in cash along with pertinent documents and electronic records. Forensic analysis of these materials is underway as the agency deepens its probe.
