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According to investigators, Bhasin and the other accused collected crores of rupees from investors in real estate projects by promising the timely delivery of commercial units. However, the projects were allegedly neither completed nor handed over to buyers.
According to ED officials, Bhasin had evaded multiple summons and was not cooperating with the investigation.
New Delhi,UPDATED: May 30, 2026 21:40 IST
The Enforcement Directorate (ED) on Friday arrested the owner of a prominent mall in Greater Noida on charges of money laundering. Satinder Singh Bhasin, owner of the Grand Venice Mall, was arrested in connection with a money laundering case linked to the alleged non-delivery of real estate units and diversion of investors' funds.
A Special PMLA Court in Uttar Pradesh's Ghaziabad remanded Bhasin, the promoter of Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL), to ED custody till June 6.
PREVIOUS SUPREME COURT ACTION
According to ED officials, Bhasin had evaded multiple summons and was not cooperating with the investigation. Matters escalated on May 15 when the Supreme Court directed the agency to take him into custody.
The order came a fortnight after the apex court directed the Uttar Pradesh Police to issue lookout notices at all airports against Bhasin. The direction followed a plea filed by real estate buyers, which alleged that Bhasin had wilfully evaded arrest and defied judicial directions despite an April 2, 2026 order cancelling his bail and directing him to surrender within seven days.
The plea described Bhasin's conduct as a case of "deliberate defiance" and raised concerns that he may have fled the country and flagged alleged inaction by the Uttar Pradesh Police in enforcing the top court's directions.
ALLEGATIONS AGAINST BHASIN
The ED launched its investigation based on multiple FIRs registered by the Uttar Pradesh Police against Bhasin, BIIPL, Grand Venice Group entities, Quincy Bhasin, and others under various provisions of the Indian Penal Code.
Earlier, the agency had provisionally attached Bhasin's residence in Delhi's Rajouri Garden, currently valued at Rs 44.06 crore.
According to investigators, Bhasin and the other accused collected crores of rupees from investors in real estate projects by promising the timely delivery of commercial units. However, the projects were allegedly neither completed nor handed over to buyers.
The ED further alleged that funds collected from investors were diverted and dissipated through a network of group companies and associated entities instead of being used for the construction and development of the promised projects.
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Published By:
Aprameya Rao
Published On:
May 30, 2026 21:38 IST
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