Ed had no places in Delhi, Noida and Goa in money laundering case

Lucknow, April 13 (IANS). Lucknow Zonal Office, the Directorate for Enforcement (ED), performed a search operation in nine places in Delhi, Noida and Goa under the Money Launing (PMLA) Prevention Act (PMLA), 2002. Grand Venezia Cervers Private Limited and their leading staff. The investigation was started on the basis of various elements registered by the Gautam Buddha Nagar Police of Uttar Pradesh. Satiinder Singh Bhasin, managing director of the main accused, Messrs. Bhasin Infotech and Infrastructure Private Limited, are accused of cheating investors in the “Grand Venezia Commercial Complex” real estate project. According to the FIR, the accused has drawn up investors by showing large advertisements relating to the project and making false promises. Despite putting down large amounts of many people, the company failed to own commercial places as promises. It is alleged that the amount invested is abused and transferred for other purposes. During the attack, the ED seized various offensive documents, electronic equipment and other digital evidence associated with the alleged money laundering. In addition, the keys of various bank cabinets and untouchable cash of Rs 30 lakh were also recovered. The officials also freeze several suspected bank accounts associated with the accused and their businesses. Officials said that the evidence collected during the search operation is analyzed in depth and that it will be used in further investigation. ED officials may also interview the prominent people associated with companies to find out the source of money and determine the limit of fraud. The case underlines the increasing investigation into fraud in the property sector and exposes the government’s efforts to combat economic crimes under the PMLA. Further action is expected to move forward in the coming days. -Ians FZ/CBT Share this story Tags