New Delhi, June 18 The Enforcement Directorate's (ED) Lucknow Zonal Office has provisionally attached a residential property worth Rs 27.01 crore in west Delhi under the Prevention of Money Laundering Act (PMLA), 2002, an official statement said.
The action has been taken in connection with an ongoing investigation against Bhasin Infotech and Infrastructure Pvt. Ltd. (BIIPL) and its Director, Satinder Singh Bhasin.
The attached property - a luxurious independent house located at D-24, Rajouri Garden - is registered in the name of Bhasin, the main accused in the case. According to the ED, the property's fair market value as on June 9, 2015, the date of the FIR, was Rs 27.01 crore, while its current value has escalated to Rs 44.06 crore.
The probe was initiated following multiple FIRs filed by Noida police against BIIPL, Grand Venice Group entities, Bhasin, Quincy Bhasin, and others under various sections of the Indian Penal Code (IPC) for cheating, fraud, and criminal conspiracy.
According to the ED, the accused collected hundreds of crores of rupees from unsuspecting investors by promising timely possession of commercial real estate units. However, the projects were allegedly never completed or delivered. Investigations revealed that the funds collected were siphoned off through a complex web of associated entities and group companies instead of being used for construction.
These companies were controlled by Bhasin along with Harpreet Singh Chhabra and Ajay Dhawan. The ED established that the proceeds of crime were layered across several entities, making asset tracing difficult. The Rajouri Garden property has now been attached under Section 5(1) of the PMLA.
On April 10 this year, the ED had conducted search operations at nine locations across Delhi, Noida, and Goa, including the premises of BIIPL, Grand Venezia Commercial Towers Pvt. Ltd., and other key individuals. During the raids, the ED seized Rs 36 lakh in cash, several documents, electronic devices, and froze multiple suspected bank accounts.
Further investigation is currently underway.
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