ED Conducts Raids on Noida Realty Group in ₹40 Crore Money Laundering Case

The Enforcement Directorate (ED) conducted searches at multiple locations linked to a Noida-based real estate firm, Bhasin Infotech and Infrastructure Pvt. Ltd., as part of an ongoing investigation into alleged money laundering involving ₹40 crore collected from homebuyers. The searches were carried out in accordance with the provisions of the Prevention of Money Laundering Act (PMLA).

According to official sources, the raids included properties in Greater Noida, including the Grand Venice Mall, as well as locations in Noida, Delhi, and Goa. The case pertains to allegations that the firm and its directors failed to deliver residential units to buyers despite collecting substantial amounts of money over the years.

The ED's action follows the registration of around 40 First Information Reports (FIRs) by police authorities against the company and its promoters, primarily Satinder Singh Bhasin. These FIRs were filed by individual investors and homebuyers who claim they were promised homes that were never constructed or delivered.

Sources said the estimated amount involved in the alleged financial misconduct is close to ₹40 crore. The funds, collected from prospective buyers as part of residential projects, were reportedly misused or diverted, leading to long delays and eventual non-delivery of the promised units. This triggered legal action and complaints, prompting law enforcement agencies to initiate formal investigations.

As part of the ongoing probe, ED officials examined documents and digital evidence during the searches. Financial transactions, bank statements, and property records are also being scrutinized to identify the flow of funds and potential money laundering channels. Authorities are also trying to determine if funds were moved through shell entities or layered into other businesses.

The directors of Bhasin Infotech and Infrastructure Pvt. Ltd., including Satinder Singh Bhasin, have been under the radar for some time due to growing complaints from homebuyers. Some of the affected buyers have approached the courts and consumer forums in search of redressal. Despite repeated demands, many have not received possession of their homes or refunds.

The company has been associated with several residential and commercial projects in the Delhi-NCR region. Among its most visible properties is the Grand Venice Mall in Greater Noida, which was also covered during the ED’s raids. Although designed as a retail and entertainment destination, the mall has reportedly been underutilized and has faced operational challenges over the years.

As of the time of reporting, the company and its directors have not issued any public statement or response to the ED’s action. Attempts to reach the firm for comment have remained unanswered.

The ED's case is based on suspected violations under the PMLA, which allows authorities to investigate and attach assets derived from proceeds of crime. If confirmed, the agency may proceed to seize properties and financial assets linked to the accused, pending adjudication in court.

This development adds to a growing list of enforcement actions taken against developers across India, especially in cases where project delays or fund diversion have led to financial losses for homebuyers. With the real estate sector being a significant part of the urban economy, such actions are seen as part of the broader effort to ensure transparency and accountability in housing and infrastructure development.

The investigation is ongoing, and more details are expected as the ED continues to examine evidence collected during the raids.