Satinder Bhasin, Grand Venice Mall fraud accused, in ED custody till June 6
Synopsis
A Ghaziabad PMLA court has remanded Satinder Singh Bhasin — promoter of the stalled Grand Venice Mall project in Greater Noida — to ED custody until 6 June. Arrested after the Supreme Court directed his custody, Bhasin faces allegations of diverting ₹93.23 crore collected from investors through a web of group companies, with a ₹44.06 crore property already attached.
Key Takeaways
Satinder Singh Bhasin was arrested by the ED's Lucknow zone office on 29 May under the PMLA .
A special PMLA court in Ghaziabad remanded him to ED custody until 6 June .
Accused of collecting ₹93.23 crore from investors for real estate projects in Greater Noida that were never completed.
The Supreme Court had on 15 May directed the ED to take Bhasin into custody after he allegedly evaded summons.
ED searches in April 2025 across 9 locations in Delhi, Noida, and Goa yielded ₹36 lakh in cash and incriminating documents.
A residential property in Rajouri Garden, West Delhi , valued at ₹44.06 crore , has been provisionally attached.
Satinder Singh Bhasin, promoter of Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL) and Grand Venezia Commercial Towers Pvt Ltd (GVCTPL), has been remanded to Enforcement Directorate (ED) custody until 6 June by a special Prevention of Money Laundering Act (PMLA) court in Ghaziabad, Uttar Pradesh. Bhasin was arrested on 29 May by the ED's Lucknow zone office in connection with an alleged ₹93.23 crore investor fraud linked to the Grand Venice Mall project in Greater Noida.
Background of the Arrest
According to the probe agency, Bhasin had been evading summons and was not cooperating with the ongoing investigation. The Supreme Court, in its 15 May order, had directed the ED to take him into custody. His arrest followed multiple FIRs registered by Uttar Pradesh Police against BIIPL, GVCTPL, Satinder Singh Bhasin, Quincy Bhasin, and others for alleged cheating, fraud, and criminal conspiracy under various sections of the Indian Penal Code, 1860.
The Alleged Fraud
As per the FIRs, the accused persons allegedly collected ₹93.23 crore from investors in real estate projects by promising timely delivery of commercial units — units that were reportedly never completed or handed over. 'The investigation revealed that funds collected from the public were diverted and dissipated through a web of group companies and associate entities, instead of being used for the construction and development of promised projects,' the agency said in a statement.
Earlier ED Action
In April 2025, the ED conducted searches at nine locations in Delhi, Noida, and Goa under PMLA provisions, seizing incriminating documents, electronic records, and approximately ₹36 lakh in cash. The agency had also provisionally attached a residential property belonging to Satinder Singh Bhasin in Rajouri Garden, West Delhi, with a present estimated value of ₹44.06 crore.
What Happens Next
Bhasin remains in ED custody until 6 June, when the Ghaziabad court is expected to review his remand. Further investigation into the money laundering case is ongoing. The case is being closely watched by real estate investors in the Greater Noida region, many of whom are among the alleged victims.
Point of View
Routing funds through associate entities, and leaving projects unfinished while assets get parked in residential property. What stands out here is the Supreme Court's direct intervention ordering ED custody, a signal that the judiciary is losing patience with promoters who evade process. The ₹44.06 crore property attachment against ₹93.23 crore allegedly defrauded points to a significant recovery gap, which means most investors may still be far from restitution. The real accountability test will be how quickly the agency can trace and attach the full trail of diverted funds.
NationPress
10 Aug 2026
Frequently Asked Questions
Why was Satinder Singh Bhasin arrested by the ED?
Satinder Singh Bhasin was arrested on 29 May by the ED's Lucknow zone office under the Prevention of Money Laundering Act (PMLA) in connection with an alleged ₹93.23 crore investor fraud linked to the Grand Venice Mall project in Greater Noida. He had reportedly been evading ED summons and not cooperating with the investigation.
What is the Grand Venice Mall fraud case?
The Grand Venice Mall fraud case involves allegations that Satinder Singh Bhasin and associates collected ₹93.23 crore from investors by promising timely delivery of commercial units in Greater Noida that were never completed or handed over. According to the ED, the collected funds were diverted through a web of group companies instead of being used for construction.
Why did the Supreme Court intervene in this case?
The Supreme Court, in its 15 May order, directed the ED to take Bhasin into custody after he allegedly evaded summons and refused to cooperate with the money laundering investigation. The court's intervention escalated the case and directly led to his arrest.
What assets has the ED seized or attached in this case?
The ED conducted searches at nine locations in Delhi, Noida, and Goa in April 2025, seizing incriminating documents, electronic records, and approximately ₹36 lakh in cash. It has also provisionally attached Bhasin's residential house in Rajouri Garden, West Delhi, valued at ₹44.06 crore.
Who else is named in the case against Bhasin Infotech?
Besides Satinder Singh Bhasin, the FIRs registered by UP Police also name Quincy Bhasin and others associated with Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL) and Grand Venezia Commercial Towers Pvt Ltd (GVCTPL) for alleged cheating, fraud, and criminal conspiracy.
