Supreme Court Cancels Bail of Businessman in Grand Venice Mall Scam

The Supreme Court revoked businessman Satinder Singh Bhasin's bail in the Grand Venice Mall scam in Greater Noida. The decision was due to Bhasin's failure to meet bail conditions and misappropriating company funds. Bhasin must surrender within a week and may apply for bail again after twelve months.

The Supreme Court has quashed the bail granted to businessman Satinder Singh Bhasin concerning the multi-crore Grand Venice Mall scam in Greater Noida. The court directed Bhasin to surrender within a week, following a breach of bail conditions and misappropriation of Rs 50 crore from company funds.

A bench of Justices Sanjay Karol and N K Singh highlighted that Bhasin failed to settle claims with flat allottees and improperly sourced bail funds. The court also stipulated that Bhasin can reapply for bail after twelve months if he adheres to requirements of the insolvency proceedings.

The judgment included the forfeiture of the Rs 50 crore deposited for bail, directing a portion to the National Legal Services Authority and the rest towards insolvency proceedings. The case revealed issues regarding project completion and fund mismanagement involving multiple FIRs against Bhasin.

(With inputs from agencies.)