The Supreme Court cancelled the bail of businessman Satinder Singh Bhasin in the Grand Venice fraud case for not complying with bail conditions and failing to settle investor claims. The Court ordered him to surrender within a week and forfeited his ₹50 crore deposit.
The Supreme Court of India on Thursday cancelled the bail that was earlier granted to businessman Satinder Singh Bhasin in a major fraud case related to the “Grand Venice” project in Greater Noida. The Court found that Bhasin did not follow an important bail condition which required him to make serious efforts to settle disputes with investors who had allegedly been cheated in the project.
A Bench of Justices Sanjay Karol and NK Singh passed the order and directed Bhasin to surrender before the jail authorities within one week. The Court cancelled his bail after observing that he had failed to comply with the conditions that were imposed when bail was granted to him in 2019.
“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.
The Supreme Court also ordered that the ₹50 crore amount deposited by Bhasin in 2019 as part of his bail conditions will now be forfeited. The Court directed that out of this amount, ₹5 crores will be given to the National Legal Services Authority (NALSA), and the remaining ₹45 crores will be handed over to the insolvency resolution professional who is currently handling insolvency proceedings against Bhasin’s company.
The Court further clarified that Bhasin can apply for regular bail again after 12 months, but only if he follows and complies with the orders passed in the insolvency proceedings connected to the case. The Court also made it clear that his passport will not be released without the permission of the Supreme Court.
The case relates to multiple criminal cases filed against Bhasin in Delhi and Noida. He has been accused of cheating investors and misusing funds collected for the development of a residential complex, shopping mall, and hotel project known as the “Grand Venice” project in Greater Noida.
It is important to note that the Supreme Court had granted bail to Bhasin in November 2019 with certain strict conditions. One of the main conditions was that he must make every possible effort to settle disputes with the investors and allottees who had invested money in the project.
However, later several allottees approached the Supreme Court and filed applications seeking cancellation of his bail. They argued that Bhasin was not making any real or serious effort to settle their claims and complaints.
In an earlier order passed in November 2025, the Supreme Court had already expressed serious dissatisfaction with Bhasin’s conduct and had strongly criticised his behaviour.
“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.
The Court had also taken serious note of allegations that Bhasin had siphoned off money from the company to arrange the ₹50 crore deposit that he was required to deposit in order to get bail in 2019. The Bench also observed that around 190 FIRs were pending in this matter for various offences. The Court expressed concern over allegations that in some cases, disputes were shown as settled even though they were not actually settled.
“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.
At that time, the Court had asked Bhasin to explain why his bail should not be cancelled, especially because he had not followed the bail conditions imposed in 2019. After considering the matter and his conduct, the Court has now finally cancelled his bail.
Meanwhile, it is also important to note that the Allahabad High Court is scheduled to hear Bhasin’s plea on April 7, where he has requested the Court to quash all FIRs filed against him in this matter.
During the hearing before the Supreme Court, Senior Advocate Shyam Divan appeared and argued for Bhasin. Senior Advocate Vipin Sanghi appeared for the insolvency resolution professional. Senior Advocates Dhruv Mehta, Meenakshi Arora, and Gopal Sankaranarayanan, along with advocates Aditi Mohan, Shyam D Nandan, Kumud Lata Das, Akshaya Ganpath, and Sahil Sethi, appeared for the various allottees. Senior Advocate Atmaram NS Nadkarni appeared for the Uttar Pradesh State Industrial Development Authority (UPSIDA).
The Supreme Court has now made it clear that failure to follow bail conditions, especially in serious financial fraud cases involving a large number of investors, will not be tolerated, and the Court can cancel bail if conditions are not followed properly.
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