The Enforcement Directorate (ED) on Sunday said that the investigating agency has raided the premises of a Noida-based real estate company and its promoters and seized cash worth Rs 30 lakh and banned transactions from some bank accounts. The company and its promoters are accused of not fulfilling the promise made to investors and allegedly cheating in a commercial project.
The federal investigation agency said in a statement that on April 10, raids were conducted at the premises of Bhasin Infotech and Infrastructure Private Limited, Grand Venezia Commercial Towers Private Limited and their key personnel.
Raids at nine places in Noida, Delhi and Goa
In the action taken under the Prevention of Money Laundering Act (PMLA), raids were conducted at nine places in Noida, Delhi and Goa in Uttar Pradesh. This money laundering case has come to light after several FIRs were registered by the Noida Police against the main accused Satinder Singh Bhasin, Managing Director of Bhasin Infotech and Infrastructure Private Limited and others.
Investors were lured through lucrative advertisements
The ED said that the company launched a real estate project named Grand Venezia Commercial Complex and lured investors through lucrative advertisements and false assurances. The ED alleged that the company failed to give possession to the investors and usurped the invested amount.
Freeze imposed on suspicious bank accounts
The company or its promoters could not be contacted for comment on the ED’s allegations. The agency said that during the raid, some criminal information, documents, electronic devices, bank locker keys and Rs 30 lakh in cash were seized and some suspicious bank accounts were frozen.
