Why Did ED Attach a Delhi Property Worth Rs 27 Crore in the Bhasin Infotech Fraud Case?
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Synopsis
In a significant move, the Enforcement Directorate has provisionally attached a luxury property in Delhi linked to a major fraud case involving Bhasin Infotech, promising ongoing investigations reveal deeper financial malpractices.
Key Takeaways
- ED attaches property worth Rs 27 crore.
- Linked to Bhasin Infotech fraud case.
- Investigation ongoing with multiple FIRs filed.
- Funds allegedly mismanaged.
- Asset tracing remains complex.
New Delhi, June 18 (NationPress) The Enforcement Directorate (ED) has provisionally attached a residential property valued at Rs 27.01 crore in western Delhi under the Prevention of Money Laundering Act (PMLA), 2002, according to an official statement.
This action is part of an ongoing investigation into Bhasin Infotech and Infrastructure Pvt. Ltd. (BIIPL) and its Director, Satinder Singh Bhasin.
The property in question—a luxurious independent house located at D-24, Rajouri Garden—is registered in the name of Bhasin, who is the main accused. The ED states that the fair market value of the property as of June 9, 2015, the date of the FIR, was Rs 27.01 crore, which has now increased to Rs 44.06 crore.
The investigation was launched following several FIRs filed by the Noida police against BIIPL, Grand Venice Group entities, Bhasin, Quincy Bhasin, and others, under various sections of the Indian Penal Code (IPC) related to cheating, fraud, and criminal conspiracy.
The ED alleges that the accused amassed hundreds of crores of rupees from unwary investors by promising timely delivery of commercial real estate units. However, these projects were reportedly never completed or delivered. Investigations uncovered that the funds raised were diverted through a complicated network of affiliated entities and group companies rather than being allocated for construction.
These companies were managed by Bhasin in conjunction with Harpreet Singh Chhabra and Ajay Dhawan. The ED has established that the proceeds of crime were concealed across multiple entities, complicating asset tracing efforts. The Rajouri Garden property has now been attached under Section 5(1) of the PMLA.
Earlier this year, on April 10, the ED conducted searches at nine locations in Delhi, Noida, and Goa, including the premises of BIIPL, Grand Venezia Commercial Towers Pvt. Ltd., and other key individuals. During these raids, the ED seized Rs 36 lakh in cash, numerous documents, electronic devices, and froze multiple suspected bank accounts.
Further investigations are currently ongoing.
Point of View
The recent actions taken by the Enforcement Directorate demonstrate a robust approach to tackling financial fraud and corruption. As NationPress emphasizes, accountability in business practices is paramount to maintaining investor trust and safeguarding the integrity of the real estate market.
NationPress
18/06/2025
Frequently Asked Questions
What is the Enforcement Directorate?
The Enforcement Directorate (ED) is a law enforcement agency in India responsible for enforcing economic laws and combating economic crime.
What is the Prevention of Money Laundering Act (PMLA)?
The Prevention of Money Laundering Act (PMLA) is an Indian law aimed at preventing money laundering and enforces measures for the confiscation of property derived from criminal activity.
Who is Satinder Singh Bhasin?
Satinder Singh Bhasin is the director of Bhasin Infotech and Infrastructure Pvt. Ltd., which is currently under investigation for alleged fraud and cheating.
What were the allegations against Bhasin Infotech?
Bhasin Infotech is accused of collecting large sums from investors under the pretext of delivering commercial real estate units, which were not completed.
What is the significance of the attached property?
The attached property, valued at Rs 27.01 crore, is a key asset linked to the ongoing investigations into financial misappropriation by Bhasin and his associates.
