Satinder Singh Bhasin, the owner of Grand Venice Mall, has been arrested by the Enforcement Directorate in a money laundering case related to the alleged defrauding of home buyers.
Key Points
- Satinder Singh Bhasin, owner of Grand Venice Mall, arrested by Enforcement Directorate in money laundering case.
- The money laundering case is linked to alleged duping of home buyers by Bhasin Infotech and Infrastructure Pvt Ltd.
- Bhasin allegedly diverted funds collected from investors for real estate projects.
- The Supreme Court had directed the ED to arrest Bhasin after he evaded summonses.
- ED had previously attached Bhasin's residential property worth Rs 44.06 crore.
The Enforcement Directorate has arrested the promoter of a Noida-based realty company in a money laundering case linked to alleged duping of home buyers, officials said on Saturday.
They said Satinder Singh Bhasin, director of Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL) and owner of Greater Noida's Grand Venice Mall, was taken into custody on Friday.
Court Orders Custody
He was produced before a special Prevention of Money Laundering Act (PMLA) court located in Ghaziabad, Uttar Pradesh, which sent him to Enforcement Directorate (ED) custody till June 6, officials said.
They alleged Bhasin was "evading" the summonses issued by agency and was "not cooperating" in the investigation.
The Supreme Court had on May 15 directed the ED to arrest him, they said.
Details of the Allegations
The money laundering case stems from multiple FIRs registered by the Uttar Pradesh Police against BIIPL, Grand Venice Group entities, Bhasin and others in 2015 on charges that the accused collected crores of rupees from investors by promising them timely delivery of commercial real estate units, which were allegedly never completed or handed over.
The probe found that the funds collected from the public were "diverted" and dissipated through a web of group companies and associate entities, instead of being used for the construction and development of promised projects, the ED said.
Property Attached
The agency last year had provisionally attached a residential house of Bhasin located at Rajouri Garden in West Delhi. The present value of the property is Rs 44.06 crore, according to the ED.
