NEW DELHI: The Enforcement Directorate (ED) has arrested Satinder Singh Bhasin, promoter of Noida-based real estate firm Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL) and owner of the Grand Venice Mall in Greater Noida, in a money laundering case linked to the alleged duping of homebuyers.
The arrest follows a prolonged legal battle during which the Supreme Court cancelled Bhasin's bail over the alleged non-delivery of real estate units and diversion of investor funds.
Bhasin was taken into custody on Friday and later remanded to ED custody till June 6 by a special PMLA court in Ghaziabad, Uttar Pradesh.
The federal agency alleged that Bhasin had been evading summons issued by the ED and was “not cooperating” with the investigation. On May 15, the Supreme Court directed the agency to arrest him. The Uttar Pradesh Police had also urged the apex court to issue a lookout notice against him.
The money laundering case stems from multiple FIRs registered by the Uttar Pradesh Police in 2015 against BIIPL, Grand Venice Group entities, Bhasin and others.
According to the allegations, the accused collected crores of rupees from investors after promising timely delivery of commercial real estate units, which were allegedly never completed or handed over.
During the investigation, the ED found that funds collected from investors were allegedly diverted through a network of group companies and associated entities instead of being used for the construction and development of the promised projects.
Last year, the ED provisionally attached a residential property owned by Bhasin in West Delhi's Rajouri Garden area. The agency said the current value of the property is estimated at Rs 44.06 crore.