On April 2, 2023, the Supreme Court of India cancelled the bail of Satinder Singh Bhasin, the promoter of Bhasin Infotech and Infrastructure Private Limited (BIIPL), in connection with the Grand Venice Mall fraud case in Greater Noida, Uttar Pradesh. The Court determined that Bhasin had failed to adhere to the bail conditions imposed in November 2019, which included assurances to address the concerns of investors who alleged they were defrauded. Despite having collected substantial payments for units in the Grand Venice project, investors claimed they received neither possession of their units nor refunds, leading to various FIRs against Bhasin for cheating and criminal breach of trust.

The Court noted that insolvency proceedings had been initiated against Bhasin's companies under the Insolvency and Bankruptcy Code, with the National Company Law Tribunal admitting the case in December 2023. During the moratorium period, Bhasin's companies reportedly conducted dubious financial transactions, including transferring ₹74 crore (approximately $8.9 million USD) to entities linked to his associates without adequate justification. The Court found Bhasin's actions inconsistent with good faith and the obligations of his bail. Ultimately, the Supreme Court ordered Bhasin to surrender within one week, citing a lack of meaningful progress in resolving the investors' claims, which total over ₹1400 crore (approximately $168 million USD).