Supreme Court cancels bail of businessman Satinder Singh Bhasin in Grand Venice fraud case

The Supreme Court on Thursday cancelled the bail it had earlier granted to businessman Satinder Singh Bhasin in connection with a fraud case registered against him for allegedly duping investors in a "Grand Venice" project in Greater Noida. .A Bench of Justices Sanjay Karol and NK Singh has ordered Bhasin to surrender to the jail authorities within a week. The order was passed after the Court noted that Bhasin had failed to comply with a bail condition that he make all efforts to settle the dispute with aggrieved investors. "The petitioner has not complied with the conditions of bail imposed upon him vide order dated 06.11.2019. Resultantly, the bail granted to the petitioner is cancelled. The petitioner to surrender within one week from the date of this judgment. Needless to add that any observations made hereinabove are only for the purposes of cancellation of bail," the Court held..A ₹50 crore amount that Bhasin had deposited with the Court as part of his bail conditions in 2019 also stands forfeited. The Court has ordered that ₹5 crores of this amount will go to the National Legal Services Authority (NALSA) and that the remaining ₹45 crores is to be paid to the resolution professional who is conducting insolvency proceedings against Bhasin's company.The Court added that Bhasin may apply for regular bail afresh after 12 months, provided he complies with any orders passed in connected insolvency proceedings."It is directed that the passport of the petitioner is not to be released by the Trial Court without the leave of this Court," the Bench further said..The matter concerns several criminal cases registered against Bhasin in Delhi and Noida, accusing him of cheating investors and misappropriating money tied to the development of a residential complex, mall and a hotel project that was dubbed the "Grand Venice" project. In November 2019, the Supreme Court granted Bhasin bail in these cases subject to various conditions, including that he make every effort to settle the dispute with the aggrieved investors/ allottees of the project. However, several allottees later moved pleas before the top court to cancel Bhasin's bail, contending that he was not taking any concrete steps to settle their complaints. In an order passed in November 2025, the Bench of Justices Karol and Singh had criticised Bhasin's conduct as "most undesirable, if not obstructionist.""Six years have passed since the liberty of bail was granted to him by this Court, subject to the condition that he will make every possible attempt to settle the claims of the concerned complainants. Allegedly, the Petitioner has been deflecting responsibility, while the onus for delay has been attempted to be shifted onto the allottees themselves or UPSIDA, which is perhaps unacceptable," the Court added. It also took note of allegations that Bhasin had siphoned off company money to fund the ₹50 crore deposit he was ordered to pay for the grant of bail in 2019. The Bench further observed that 190 FIRs were pending in the matter for different offences. It expressed that it was deeply concerned by the allegations that in some cases, the dispute with the allottees were shown as "settled" when it was not actually so. "This Court is also of the opinion that it may be appropriate to expedite the trial against the Petitioner in the subject FIRs to bring an end to this state of affairs," the Court's November 2025 order further said. The Bench, at the time, had asked Bhasin to show cause as to why bail should not be cancelled, given his conduct - particularly his failure to abide by bail conditions imposed on him in 2019..Today, the Court cancelled his bail. Notably, on April 7, the Allahabad High Court will hear Bhasin's plea to quash all FIRs filed against him in the matter. .Senior Advocaye Shyam Divan led arguments for Bhasin before the Supreme Court.Senior Advocate Vipin Sanghi represented an insolvency resolution professional. Senior Advocates Dhruv Mehta, Meenakshi Arora, and Gopal Sankaranarayanan, and advocates Aditi Mohan, Shyam D Nandan, Kumud Lata Das, Akshaya Ganpath, Payal Chawla, and Sahil Sethi represented various allottees. Senior Advocate Atmaram NS Nadkarni appeared for the Uttar Pradesh State Industrial Development Authority (UPSIDA).Other respondents were represented by advocates Abhishek Anand, Mandeep Kalra, Gauri Rajput, Radhika Narula, Anushna Satapathy, Chitrangada Singh, Yashas J, Vaibhav Yadav, Paras Mohan Sharma, Karan Kohli, Palak Kalra, Ridhima Mehrotra and Vanshika Dhoot..[Read Judgment]