Enforcement Directorate Cracks Down on Noida Real Estate Scam

The Enforcement Directorate has seized cash and frozen bank accounts following raids on Bhasin Infotech and its promoters, accused of duping investors in a commercial real estate project. The action, part of money laundering investigations, covered sites in Noida, Delhi, and Goa.

In a significant crackdown, the Enforcement Directorate (ED) announced the seizure of Rs 30 lakh in cash and the freezing of several bank accounts linked to a Noida-based real estate company, Bhasin Infotech and Infrastructure Pvt Ltd, and its promoters.

The ED's actions were part of an ongoing probe into allegations that the company defrauded investors in a commercial project with false promises and misleading advertisements. The raids, conducted on April 10, targeted nine locations across Noida, Delhi, and Goa, under the Prevention of Money Laundering Act (PMLA).

This investigation follows multiple FIRs filed by Noida police against Satinder Singh Bhasin and others. Officials seized incriminating documents, electronic devices, bank locker keys, and cash, citing failure to deliver on promised investments, allegedly siphoning off funds without awarding property possession to investors.

(With inputs from agencies.)