Satinder Singh Bhasin, the promoter of Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL), has been sent to Enforcement Directorate (ED) custody for a week by a Ghaziabad court. Bhasin, also the promoter of Grand Venezia Commercial Towers Pvt Ltd (GVCTPL), was arrested by the ED’s Lucknow zone office on May 29 in connection with a money laundering case under the Prevention of Money Laundering Act.
A special PMLA court in Ghaziabad, Uttar Pradesh, has remanded Satinder Bhasin into ED custody until June 6. The arrest was made as Bhasin had allegedly been evading summons and not cooperating with the investigation. The Supreme Court had directed the investigative agency to take him into custody in its May 15 order.
Investigations by the probe agency were based on multiple FIRs registered by the UP Police against BIIPL, GVCTPL, Satinder Singh Bhasin, Quincy Bhasin, and others for various offences under the IPC, including cheating, fraud, and criminal conspiracy. The accused individuals are alleged to have collected Rs 93.23 crore from investors by promising timely delivery of commercial units in real estate projects that were never completed or handed over.
According to the agency, funds collected from the public were diverted through a network of group companies and associate entities instead of being used for the promised projects’ construction and development. Earlier, the ED had conducted searches in April 2025 at nine locations in Delhi, Noida, and Goa related to the accused persons, seizing incriminating documents, electronic records, and around Rs 36 lakh in cash.
The ED had also provisionally attached a residential house of Santinder Singh Bhasin in Rajouri Garden, West Delhi, with a present value of Rs 44.06 crore under the PMLA provisions. The investigation into the case is ongoing.
