On Thursday, the Enforcement Directorate(ED) conducted searches at a mall in Greater Noida and several other sites as part of an investigation of money laundering case against a Noida-based realty group.This group is accused of defrauding homebuyers of approximately Rs 40 crore, according to official sources.
The investigation targets Bhasin Infotech and Infrastructure Pvt. Ltd., its director and promoter Satinder Singh Bhasin, along with others. Attempts to reach the company or its directors for comments regarding the ED’s actions were unsuccessful.
Officials from the federal investigative agency are examining locations in Greater Noida, including the Grand Venice Mall, as well as sites in Noida, Delhi, and some areas in Goa, under the Prevention of Money Laundering Act (PMLA).
The ED’s inquiry is based on around 40 police FIRs lodged against the company and its promoters by investors who reportedly did not receive their promised homes. The total amount allegedly defrauded from investors is estimated to be around Rs 40 crore, according to the sources.
