ED Raids Noida Realty Group in ₹40Cr Money Laundering Case
ED Raids Noida Realty Group in ₹40 Crore Money Laundering Probe
The Enforcement Directorate (ED) conducted raids at multiple locations, including the Grand Venice Mall in Greater Noida, Delhi, and Goa, on April 10 as part of a money laundering investigation against Noida-based Bhasin Infotech and Infrastructure Pvt. Ltd. The probe, under the Prevention of Money Laundering Act (PMLA), targets alleged fraud of ₹40 crore involving homebuyers who were denied possession of promised properties.
ED Targets Grand Venice Mall in Money Laundering Sweep
The federal agency searched premises linked to the realty group’s director, Satinder Singh Bhasin, and associates. Officials confirmed the raids focused on unearthing proceeds of crime from "cheated" investors. The Grand Venice Mall, a luxury retail and entertainment complex, is among the prime assets under scrutiny.
Homebuyer Fraud: 40 FIRs Trigger ED Action
The ED’s investigation stems from 40 police complaints filed by homebuyers accusing Bhasin Infotech of diverting funds and failing to deliver apartments. “Investors paid advances but received neither homes nor refunds,” said an ED source. The ₹40 crore scam spans projects launched in Noida and Greater Noida between 2015 and 2020.
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Legal Repercussions and Next Steps
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PMLA Proceedings: The ED will trace money trails and seize assets if irregularities are confirmed.
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Homebuyer Relief: Affected investors may approach the National Consumer Disputes Redressal Commission for compensation.
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Industry Impact: This case highlights rising scrutiny of realty firms under the RERA Act, aimed at protecting homebuyers.
Bhasin Infotech has not yet commented on the allegations. The ED’s findings could set a precedent for tackling fund diversion in India’s real estate sector.
