ED Cracks Down on Noida Builders in ₹30 Lakh Money Laundering Case

The Enforcement Directorate (ED) has intensified its crackdown on financial fraud, launching a series of raids against two prominent real estate firms in Noida. Acting under the Prevention of Money Laundering Act (PMLA), ED officials searched nine different locations in Noida, Delhi, and Goa linked to Bhasin Infotech and Infrastructure Pvt. Ltd. and Grand Venezia Commercial Towers Pvt. Ltd.

₹30 Lakh Seized, Bank Accounts Frozen

During the raids, the ED seized ₹30 lakh in unaccounted cash and froze several bank accounts connected to the firms and their promoters. The action stems from multiple FIRs filed by Noida Police against the company's Managing Director, Satinder Singh Bhasin, and unnamed accomplices for allegedly cheating investors in a commercial project.

Also Read: CBI Books Mumbai Firm, Directors in ₹63 Crore Bank Fraud Linked to Lucknow Project

Real Estate Scam Allegations

The accused firm had launched a project named "Grand Venezia Commercial Complex," promoted through appealing advertisements and promises of high returns. However, according to investigators, the company failed to deliver property possession to investors and diverted the collected funds elsewhere, violating the trust of hundreds of buyers.

The ED alleges that this is a case of systematic financial misappropriation, with investors lured in by deceptive marketing and later denied their rightful dues.

As of now, no official response has been received from the firms or their representatives regarding the allegations or the ongoing probe.