(Reported By Junaid Akhtar)
The Enforcement Directorate (ED) searched the premises of a Noida-based real estate company and the homes of its promoters, suspected of involvement in money laundering. on Sunday, officials said. They confiscated Rs 30 lakh in cash and froze several bank accounts.
Funds Confiscated, Accounts Suspended
The ED raided Bhasin Infotech and Infrastructure Private Limited, Grand Venezia Commercial Towers Private Limited, and their promoters, taking Rs 30 lakh in cash and suspending some accounts. The company and its promoters face accusations of defrauding investors in a commercial project. It is also reported that searches were conducted on the premises of Bhasin Infotech and Infrastructure Private Limited, Grand Venezia Commercial Towers Private Limited, and their promoters on April 10.
Searches Conducted At Nine Sites
Enforcement Directorate (ED) has conducted raids at nine sites located in Noida, Delhi, and Goa, under the Prevention of Money Laundering Act (PMLA). The money laundering case is based on several FIRs registered by Noida police against Satinder Singh Bhasin, who is the Managing Director of Bhasin Infotech and Infrastructure Private Limited, and other unidentified associates.
Claims Of Swindling Investors
According to the Enforcement Directorate (ED), the firm took the initiative to develop a real estate project called Grand Venezia Commercial Complex, enticing investors with attractive advertisements and assurances to sell off. The ED claimed that the company did not fulfill its promise to give possession to investors and misappropriated the consumer’s money. The company and its promoters could not be reached for comment on the ED’s claims.
