ED attaches 389 properties worth ₹240 crore in Greater Noida mall scam
Synopsis
The ED has attached 389 properties worth ₹240 crore — market value over ₹700 crore — linked to the Grand Venezia mall fraud in Greater Noida, where promoter Satinder Singh Bhasin allegedly collected investor funds, never delivered possession, and then routed the money to Goa real estate and diverted mall units through forged agreements to shield assets from insolvency proceedings.
Key Takeaways
The ED attached 389 properties worth ₹240.03 crore (market value over ₹700 crore ) linked to Bhasin Infotech and Infrastructure Pvt.
5 properties in Goa worth ₹37 crore and 384 commercial units in Grand Venice Mall, Greater Noida worth ₹203 crore were among the assets seized.
Accused promoter Satinder Singh Bhasin was arrested by the ED in May 2026 under the PMLA and remains in judicial custody .
Investigators allege investor funds were layered through group entities including Niche Builders & Contractors Pvt.
Ltd. before being used to buy Goa real estate.
4,25,152 sq. ft. of mall space was allegedly diverted via forged, back-dated agreements to keep assets out of NCLT insolvency proceedings.
Earlier actions include a ₹27 crore provisional attachment in June 2025 and seizure of ₹36 lakh cash in April 2025 .
The Directorate of Enforcement (ED) has attached 389 immovable properties valued at ₹240.03 crore — with a present market value exceeding ₹700 crore — belonging to real estate firm Bhasin Infotech and Infrastructure Pvt. Ltd. (BIIPL), which allegedly defrauded hundreds of investors who had booked commercial space at the proposed Grand Venezia Commercial Complex in Surajpur, Greater Noida. The action was carried out by the ED's Lucknow Zonal Office on 20 July under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
What Was Attached and Where
The attachment comprises two distinct tranches. The first covers 5 immovable properties in Goa worth ₹37 crore, registered in the names of India Oceanworld Pvt. Ltd. and Goa Connect Properties Pvt. Ltd. — both allegedly beneficially controlled by accused promoter Satinder Singh Bhasin. The second, and larger, tranche involves 384 commercial units and shops in Grand Venice Mall, Greater Noida, valued at ₹203 crore, which were allegedly diverted to a related entity, Grand Express Developers Pvt. Ltd., through sham transactions.
How the Alleged Fraud Was Structured
According to the ED, Bhasin, Director of both BIIPL and Grand Venezia Commercial Towers Pvt. Ltd. (GVCTPL), allegedly induced investors with false assurances of assured returns and timely possession of commercial units at the Grand Venezia Commercial Complex. After collecting substantial sums, the accused neither handed over possession nor returned the invested amounts, causing wrongful losses to hundreds of buyers.
Investigators allege that customer advances deposited in BIIPL and GVCTPL bank accounts were routed through group entities — including Niche Builders & Contractors Pvt. Ltd. — to obscure the money trail before being used to acquire high-value real estate in Goa. Additionally, 4,25,152 sq. ft. of prime commercial space across 384 units in Grand Venice Mall was reportedly transferred to Grand Express Developers Pvt. Ltd. using forged and back-dated agreements, allegedly to place the asset beyond the reach of insolvency proceedings pending before the National Company Law Tribunal (NCLT).
Key Developments in the Case So Far
The ED launched its investigation on the basis of multiple FIRs registered by both the Uttar Pradesh Police and the Delhi Police against BIIPL, GVCTPL, Bhasin, and associates under various sections of the Indian Penal Code, 1860. In April 2025, search operations under Section 17 of the PMLA were conducted at residential and business premises linked to the accused, resulting in the seizure of incriminating documents, digital devices, and ₹36 lakh in cash, along with the freezing of a BIIPL bank account. In June 2025, property worth ₹27 crore was provisionally attached.
Bhasin was subsequently arrested by the ED in May 2026 under the PMLA and is currently under judicial custody.
Broader Context and What Comes Next
The Greater Noida real estate corridor has seen a series of investor-fraud cases over the past decade, with several projects stalled mid-construction and promoters facing insolvency or criminal proceedings. The ED's latest action — attaching assets with a market value more than 2.9 times the registered book value — signals an attempt to maximise recoverable value for aggrieved investors. With the NCLT insolvency process still ongoing, the fate of the attached properties and potential restitution to investors will hinge on the outcome of both the criminal case and the resolution proceedings.
Point of View
And this case illustrates the layered complexity such schemes deploy — sham transactions, back-dated agreements, and cross-state asset parking — to stay ahead of regulators. What stands out here is the alleged use of forged agreements to insulate assets from NCLT insolvency proceedings, a tactic that directly undermines the Insolvency and Bankruptcy Code's creditor-protection architecture. The gap between the ₹240 crore book value and the ₹700 crore market value of attached assets also raises a pointed question: how much investor money remains unrecovered, and whether the NCLT process will deliver any meaningful restitution. The ED's escalating action — from search to provisional attachment to arrest to this large-scale attachment — suggests a stronger evidentiary hand than in many past real estate fraud cases, but conviction and recovery are very different milestones.
NationPress
21 Jul 2026
Frequently Asked Questions
What is the Greater Noida Grand Venezia mall scam?
The Grand Venezia scam involves real estate firm Bhasin Infotech and Infrastructure Pvt. Ltd. (BIIPL) and its director Satinder Singh Bhasin, who allegedly collected money from investors for commercial units at the proposed Grand Venezia Commercial Complex in Surajpur, Greater Noida, but never delivered possession or refunded amounts. The ED is investigating the case as a money laundering offence under the PMLA, 2002.
How many properties has the ED attached and what are they worth?
The ED has attached 389 immovable properties valued at ₹240.03 crore, with a present market value exceeding ₹700 crore. These include 5 properties in Goa worth ₹37 crore and 384 commercial units in Grand Venice Mall, Greater Noida, worth ₹203 crore.
Where is Satinder Singh Bhasin now?
Satinder Singh Bhasin was arrested by the ED in May 2026 under the Prevention of Money Laundering Act (PMLA) and is currently under judicial custody.
How did the accused allegedly launder the investor funds?
According to the ED, customer advances collected by BIIPL and GVCTPL were routed through related Bhasin Group entities, including Niche Builders & Contractors Pvt. Ltd., to obscure the money trail. The funds were then used to acquire high-value real estate in Goa in the names of India Oceanworld Pvt. Ltd. and Goa Connect Properties Pvt. Ltd., both allegedly controlled by Bhasin.
What happens to the attached properties next?
The attached properties will be subject to further proceedings under the PMLA. Separately, insolvency proceedings against the Bhasin Group entities are ongoing before the National Company Law Tribunal (NCLT). The outcome of both processes will determine how much, if any, of the investors' money can be recovered.
