The Enforcement Directorate (ED) said on Sunday that the investigating agency raided the premises of a real estate company and its promoters in Noida 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 promises made to investors and allegedly cheating in the commercial project.
The federal investigating agency said in a statement that on April 10, the premises of Bhasin Infotech and Infrastructure Private Limited, Grand Venezia Commercial Towers Private Limited and their leading personnel were raided.
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 case of money laundering has come up after several FIRs filed by Noida police against the main accused Satinder Singh Bhasin, Bhasin Infotech and Infrastructure Private Limited's managing director and others.
The ED reported that the company started a real estate project from the Grand Venezia Commercial Complexam and wooed investors through breathtaking advertising and false assurances. The ED alleged that the company failed to give possession to investors and grabbed the invested amount.
The company or its promoters could not be contacted to response to ED's allegations. The agency said that during the raid, some criminal information, papers, electronic equipment, bank locker keys and Rs 30 lakh cash were seized and some suspected bank accounts were banned.
