ED Attaches Delhi Property Worth ₹27 Crore in Money Laundering Probe Against Bhasin Group

The Directorate of Enforcement (ED), Lucknow Zonal Office, has provisionally attached a high-value immovable property worth ₹27.01 crore in connection with an ongoing investigation into alleged financial misconduct by Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL) and its directors, including Satinder Singh Bhasin. The action was taken under provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The asset in question is a residential property located at D-24, Rajouri Garden, West Delhi. It is registered in the name of Satinder Singh Bhasin, who is listed as the main accused in the case. The fair market value of the property, as assessed on the date of the original First Information Report (June 9, 2015), was ₹27.01 crore, though the ED has noted that its current valuation stands at ₹44.06 crore.

The probe originates from multiple FIRs filed by the Uttar Pradesh Police in Noida against BIIPL, Grand Venice Group entities, Satinder Singh Bhasin, Quincy Bhasin, and others. These FIRs cited alleged violations under various sections of the Indian Penal Code, including cheating, criminal conspiracy, and fraud.

According to the allegations, the accused collected significant sums of money from homebuyers and investors under the promise of timely possession of commercial properties in various real estate projects. However, these projects remained incomplete, and the promised units were not delivered.

The ED's investigation has revealed that the funds collected from the public were not utilized for the purposes stated during project sales. Instead, the money was routed through several group companies and allied firms, effectively diverting the investments into unrelated activities and accounts. The investigative agency has described these transactions as a form of layered money laundering, involving a complex web of entities that rendered the tracing of the original funds nearly impossible.

Besides Bhasin, the investigation has also identified Harpreet Singh Chhabra and Ajay Dhawan as individuals in operational control of the associated companies. These companies are alleged to have been instrumental in transferring, parking, and ultimately dissipating the funds collected from the public.

The attachment order has been issued under Section 5(1) of the PMLA, which allows the ED to provisionally seize properties suspected to be linked to the proceeds of crime, pending further adjudication.

Earlier, on April 10, 2025, the ED had conducted coordinated search operations at nine locations across Delhi, Noida, and Goa. These searches included premises belonging to Bhasin Infotech and Infrastructure Pvt Ltd, Grand Venezia Commercial Towers Pvt Ltd, and residences of key managerial personnel. The operation led to the recovery of several documents, digital storage devices, and ₹36 lakh in cash. Authorities also froze multiple bank accounts suspected to have been used in the laundering process.

The ED maintains that the proceeds of crime were systematically concealed through structured transactions within a network of interconnected companies. These findings support the department’s view that the attached residential property is intrinsically linked to unlawful financial activities.

The case adds to a growing list of enforcement actions against real estate entities accused of defrauding homebuyers through diversion of funds and project non-delivery. It also highlights the challenges faced by investigative agencies in uncovering financial trails across numerous shell firms.

The provisional attachment will now be subject to confirmation by the Adjudicating Authority under the PMLA. Further action by the ED may include filing of prosecution complaints and identification of additional properties linked to the alleged laundering network.

The agency’s efforts are part of a broader drive to clamp down on financial irregularities in the real estate sector, particularly cases where investor funds are diverted, leading to prolonged litigation and project delays.

As of now, legal proceedings remain ongoing, and final determinations regarding criminal culpability and recovery of defrauded funds are yet to be concluded.

Image source- enforcementdirectorate.gov.in