The Supreme Court has withdrawn the bail earlier granted to businessman Satinder Singh Bhasin in the alleged “Grand Venice” investment fraud, directing him to surrender within a week after finding that he failed to honour key conditions attached to his release.
The Bench concluded that the liberty granted in 2019 was conditional on genuine efforts to resolve claims of investors. With no meaningful progress forthcoming, the Court cancelled the bail, noting that the conditions imposed at the time had not been complied with. The order clarified that the observations were limited to the issue of bail cancellation.
Alongside revoking bail, the Court ordered forfeiture of the ₹50 crore deposited by Bhasin as part of the earlier bail conditions. Out of this amount, ₹5 crore has been earmarked for the National Legal Services Authority, while the remaining ₹45 crore is to be transferred to the resolution professional overseeing insolvency proceedings against Bhasin’s company.
The Court left a narrow window open for the businessman, allowing him to seek fresh regular bail after 12 months — but only if he demonstrates compliance with directions issued in the connected insolvency process. It also directed that his passport should not be released without the Court’s permission.
The case arises from multiple criminal complaints filed in Delhi and Noida alleging that investors were misled and funds misappropriated in connection with a large-scale development project comprising residential units, a mall and a hotel, marketed as “Grand Venice.” Bail granted in 2019 had been subject to a requirement that the accused actively work toward settling disputes with buyers.
Over time, several allottees approached the Court seeking cancellation of bail, arguing that no concrete steps had been taken to resolve their grievances. Earlier observations by the Bench had criticised the conduct as undesirable and suggested that responsibility for delays was being shifted rather than addressed. The Court had also expressed concern over allegations that funds used for the bail deposit may have been drawn from company resources and noted the existence of around 190 FIRs connected to the dispute.
The Court had previously indicated that trial proceedings should be expedited to bring closure to the prolonged litigation. After issuing a show-cause notice and examining the matter further, it ultimately concluded that the bail could not continue.
Bhasin is also pursuing relief before the Allahabad High Court, where his plea seeking quashing of the FIRs is scheduled for hearing on April 7.
