ED Conducts Raids at Nine Sites in Delhi, Noida, and Goa Related to Money Laundering
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Synopsis
The ED's Lucknow Zonal Office launched search operations in Delhi, Noida, and Goa concerning a money laundering case linked to Bhasin Infotech. The investigations stem from FIRs alleging fraud in a real estate project, resulting in the seizure of incriminating evidence and a significant amount of unaccounted cash.
Key Takeaways
- The ED executed searches across nine locations.
- Investigation initiated due to multiple police FIRs.
- Allegations involve fraud in a real estate project.
- Incriminating documents and cash were seized.
- Further action is expected as the investigation continues.
Lucknow, April 11 (NationPress) The Directorate of Enforcement (ED), Lucknow Zonal Office, executed search operations at nine locations spanning Delhi, Noida, and Goa under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The raids targeted the premises of M/s Bhasin Infotech and Infrastructure Pvt. Ltd., M/s Grand Venezia Commercial Towers Pvt. Ltd., and key individuals associated with them.
This investigation was triggered by multiple FIRs filed by the Gautam Budh Nagar Police in Noida, Uttar Pradesh, citing various sections of the Indian Penal Code (IPC), 1860. The main suspect, Satinder Singh Bhasin, Managing Director of M/s Bhasin Infotech and Infrastructure Pvt. Ltd., is accused of defrauding investors involved in the “Grand Venezia Commercial Complex” real estate project.
As per the FIRs, the accused enticed investors with lavish advertisements and false commitments concerning the project.
Despite amassing substantial funds from numerous individuals, the company did not fulfill its promises to deliver commercial spaces. Allegations suggest that the invested money was misappropriated and redirected for unrelated uses.
During the raids, the ED confiscated several incriminating documents, electronic devices, and digital evidence pertinent to the suspected money-laundering activities. Additionally, keys to various bank lockers and unaccounted cash totaling Rs 30 lakh were recovered.
Authorities also put a freeze on multiple bank accounts linked to the accused and their businesses.
Officials indicated that the evidence gathered during the operations is under rigorous examination and will aid in advancing the investigation.
The ED is expected to interrogate key personnel associated with the companies to trace the money flow and ascertain the scope of the fraud.
This case highlights the increasing scrutiny of deceptive practices within the real estate sector and emphasizes the government’s initiatives to combat economic crimes under the PMLA.
Further developments are anticipated as the investigation unfolds.
