ED Cracks Down on Realty Group in Rs 40 Crore Scam

The Enforcement Directorate has launched raids in Greater Noida and other locations as part of a money laundering investigation targeting Bhasin Infotech and Infrastructure Pvt. Ltd., a realty group accused of defrauding homebuyers of approximately Rs 40 crore.

The Enforcement Directorate (ED) intensified its probe into money laundering activities by raiding a mall and other locations in Greater Noida on Thursday. The sweep targets Bhasin Infotech and Infrastructure Pvt. Ltd., which faces accusations of embezzling funds worth an estimated Rs 40 crore from numerous homebuyers.

Under scrutiny by the federal probe agency, the inquiry involves searches in Greater Noida, the Grand Venice Mall, parts of Noida, Delhi, and even Goa. These actions occur under the legal framework of the Prevention of Money Laundering Act (PMLA), according to reliable sources.

The company, its director, Satinder Singh Bhasin, and others are currently unreachable for comment. However, this investigation follows approximately 40 FIRs lodged against the company by angry investors who claim they never received the homes they purchased.

(With inputs from agencies.)