The Enforcement Directorate (ED) has arrested Greater Noida's Grand Venice Mall owner Satinder Singh Bhasin in connection with a money laundering case related to the Bhasin Infotech and Infrastructure Private Limited (BIIPL), the central probe agency said on Saturday.
Bhasin has been sent to ED's custody till June 6 by a special Prevention of Money Laundering Act (PMLA) court located in Uttar Pradesh's Ghaziabad.
In a statement, the ED said Bhasin was arrested on Friday for repeatedly evading the summons, adding that the BIIPL director was not cooperating with the investigation. It further stated that the Supreme Court on May 15 had directed the ED to take Bhasin into custody.
Notably, the apex court had also directed Bhasin to surrender in connection with the case, denying him bail. The order was passed by a two-judge bench that included Justices Sanjay Karol and NK Singh. "The petitioner has not complied with the conditions of bail imposed upon him vide order dated November 6, 2019. Resultantly, the bail granted to the petitioner is cancelled. The petitioner to surrender within one week from the date of this judgment," the bench said.
What this case is all about?
Multiple first information reports (FIRs) were registered against Bhasin, the BIIPL, the Grand Venice Mall, Quincy Bhasin and others by the ED for offences under multiple sections of the Indian Penal Code (IPC), 1860.
The FIRs state that the accused received crores of rupees from investors in real estate projects after they promised timely delivery of commercial units. However, these projects never completed or handed over.
As part of its investigation, the probe agency found out that funds were collected from the public but were not used for the construction and development of promised projects. Instead, the amount was "diverted and dissipated" through a web of group companies and associate entities.
Further, the ED also provisionally attached a residential property of Bhasin, which is located at Rajouri Garden in West Delhi and is reportedly valued at Rs 44.06 crore. Further investigation is currently underway in the case.
