The Supreme Court of India on Thursday cancelled the bail granted to businessman Satinder Singh Bhasin in connection with the high-profile Grand Venice Mall scam in Greater Noida. Citing non-compliance with previously established bail conditions, the apex court ordered Bhasin to surrender to jail authorities within seven days.
A bench comprising Justices Sanjay Karol and N.K. Singh observed that Bhasin had failed to adhere to the requirements set forth in a November 6, 2019, bail order. Consequently, the court directed the forfeiture of ₹50 crore—along with accrued interest—originally deposited by the developer as a condition of his release.
The judgment marks a significant turn in the legal proceedings surrounding the alleged multi-crore fraud. “The petitioner has not complied with the conditions of bail imposed upon him… Resultantly, the bail granted to the petitioner is cancelled,” the bench stated.
In addition to the surrender order, the court outlined a specific distribution for the forfeited ₹50 crore:
- ₹5 crore (plus proportionate interest): To be transmitted to the National Legal Services Authority (NALSA) to support its objectives.
- Remaining Balance (plus proportionate interest): To be transferred to the Interim Resolution Professional (IRP) for use in ongoing proceedings under the Insolvency and Bankruptcy Code (IBC).
The bench also restricted Bhasin’s movement, stating, “It is directed that the passport of the petitioner is not to be released by the Trial Court without the leave of this Court.”
Satinder Singh Bhasin, the director of Bhasin Infotech and Infrastructure Private Limited, has been at the center of a massive legal battle involving approximately 46 FIRs registered across New Delhi and Uttar Pradesh.
The allegations, brought by unit allottees in the project, include:
- Non-delivery of promised units.
- Siphoning of investor funds.
- Impropriety in land allotment, allegedly carried out in collusion with state officials.
Investors claimed they were duped by the accused during the land-handover process for the ambitious mall project in Greater Noida. While Bhasin was granted bail in November 2019, the court found that his failure to meet the stipulated terms necessitated a return to custody.
The Supreme Court has provided a narrow window for Bhasin to seek liberty in the future. The bench clarified that he may apply for regular bail afresh after a period of twelve months. However, this is strictly subject to his full compliance with orders passed in the insolvency proceedings currently being conducted against his companies.
The Registrar (Judicial) of the Supreme Court has been tasked with ensuring immediate compliance by the concerned Trial Court regarding the dispersal of the forfeited funds.
