New Delhi, May 30 (PTI) The Enforcement Directorate has arrested the promoter of a Noida-based realty company in a money laundering case linked to alleged duping of home buyers, officials said on Saturday.
They said Satinder Singh Bhasin, director of Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL) and owner of Greater Noida’s Grand Venice Mall, was taken into custody on Friday.
He was produced before a special Prevention of Money Laundering Act (PMLA) court located in Ghaziabad, Uttar Pradesh, which sent him to Enforcement Directorate (ED) custody till June 6, officials said.
They alleged Bhasin was “evading” the summonses issued by agency and was “not cooperating” in the investigation.
The Supreme Court had on May 15 directed the ED to arrest him, they said.
The money laundering case stems from multiple FIRs registered by the Uttar Pradesh Police against BIIPL, Grand Venice Group entities, Bhasin and others in 2015 on charges that the accused collected crores of rupees from investors by promising them timely delivery of commercial real estate units, which were allegedly never completed or handed over.
The probe found that the 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 ED said.
The agency last year had provisionally attached a residential house of Bhasin located at Rajouri Garden in West Delhi. The present value of the property is Rs 44.06 crore, according to the ED. PTI NES PRK PRK
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