The Enforcement Directorate (ED) has launched a major crackdown in connection with a real estate scam involving the Grand Venezia Commercial Complex project. The Lucknow Zonal Office of the ED conducted search operations at nine locations across Delhi, Noida, and Goa under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The raids targeted the premises of M/s Bhasin Infotech and Infrastructure Pvt. Ltd., M/s Grand Venezia Commercial Towers Pvt. Ltd., and several key individuals associated with the firms. The probe stems from multiple FIRs registered by the Gautam Budh Nagar Police in Noida, Uttar Pradesh, under various sections of the Indian Penal Code (IPC), 1860.
According to the allegations, the companies defrauded investors in the Grand Venezia Commercial Complex, a high-profile real estate project, by promising commercial spaces and returns that were never delivered. The ED is examining financial transactions and asset trails as part of its ongoing investigation into suspected money laundering and investor fraud.
Authorities are expected to take further legal action as evidence is reviewed. The case adds to a growing list of real estate-related financial frauds being actively pursued by enforcement agencies across India.