ED raids 9 locations in Delhi, Noida and Goa in money laundering case

Lucknow, April 13 (IANS) The Directorate of Enforcement (ED), Lucknow Zonal Office, carried out search operations at nine locations across Delhi, Noida, and Goa under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The searches were conducted at the premises of M/s Bhasin Infotech and Infrastructure Pvt. Ltd., M/s Grand Venezia Commercial Towers Pvt. Ltd., and their key personnel.

The investigation was initiated following multiple FIRs registered by Gautam Budh Nagar Police in Noida, Uttar Pradesh, under various sections of the Indian Penal Code (IPC), 1860. The primary accused, Satinder Singh Bhasin, Managing Director of M/s Bhasin Infotech and Infrastructure Pvt. Ltd., is alleged to have defrauded investors in the “Grand Venezia Commercial Complex” real estate project.

According to the FIRs, the accused lured investors by showcasing grand advertisements and making false promises regarding the project.

Despite collecting large sums of money from several individuals, the company failed to hand over possession of commercial spaces as promised. It is alleged that the invested funds were misappropriated and siphoned off for other purposes.

During the raids, the ED seized various incriminating documents, electronic devices, and other digital evidence linked to the alleged money-laundering activities. In addition, keys to several bank lockers and unaccounted cash amounting to Rs 30 lakh were recovered.

Authorities also froze several suspected bank accounts tied to the accused and their companies.

Officials stated that the evidence collected during the search operations is being thoroughly analysed and will be used to further the investigation.

The ED is also likely to question key personnel involved in the companies to trace the money trail and determine the extent of the fraud.

The case underscores the growing scrutiny of fraudulent practices in the real estate sector and highlights the government’s efforts to clamp down on economic offences under PMLA.

Further action is expected in the coming days as the investigation progresses.

--IANS

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