The Directorate of Enforcement (ED) has arrested Greater Noida’s Grand Venice Mall owner Satinder Singh Bhasin under the provisions of PMLA, 2002, in a money-laundering case related to Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL).
Bhasin, who was arrested on May 29, was sent to ED custody by a special court till June 6.
He was “evading” the summonses issued by the agency and was “not cooperating” in the investigation, officials said.
The Supreme Court through its order dated May 15 had directed the ED to take Bhasin into custody.
The ED had initiated an investigation based on multiple FIRs registered by UP Police against BIIPL, Grand Venice Group entities, Satinder Singh Bhasin, Quincy Bhasin and others for offences under various Sections of the IPC, 1860.
It was alleged that the accused persons collected crores of rupees from investors in real estate projects by promising the timely delivery of commercial units, which were never completed or handed over.
The ED investigation revealed that funds collected from the public were reportedly diverted and dissipated through a web of group companies and associate entities, instead of being used for the construction and development of promised projects.
In this case, ED had provisionally attached a residential house of Santinder Singh Bhasin located at Rajouri Garden, West Delhi. The present value of the property is Rs 44.06 crore.
