Appu Ghar investors go to police against directors

IRAL’s directors allegedly diverted the investor’s money to other projects and did not complete the Appu Ghar project, in which more than 1,400 investors had put their money.

The investors of International Recreation and Amusement Limited (IRAL), popularly known as Appu Ghar, lodged a criminal complaint with the police against the board of directors of the company on Friday.

Investors protest against the Appu Ghar water park management inside the water park due to delay in possession of shops, in Gurugram in July. (HT FIle Photo)

The investors alleged that the management of the company has embezzled the investors’ money. As such, they want the police to register an FIR under Section 420 of the Indian Penal Code. The disgruntled group of investors met the deputy commissioner of police (DCP), east, Kuldeep Singh, and the assistant commissioner of police (ACP), DLF, Anil Kumar, and lodged a nine-page complaint.

“We will investigate the matter and if the charges are found to be true, we shall file an FIR, once we receive permission from the office of the commissioner of police,” Kumar said.

According to the complaint, the IRAL’s directors allegedly diverted the investor’s money to some other projects and did not complete the Appu Ghar project, in which more than 1,400 investors had put their money.

“The project was launched in 2011-12 and was likely to be completed by the year 2015. The project consisted of an entertainment centre, a retail mall, a food court and restaurants. None of these exist, because the promoters did not start construction,” said Amit Chanana, an investor.

Earlier, the investors had approached the National Company Law Tribunal (NCLT) which suspended the board of directors of IARL on August 12 and began the process of reviving the company by inviting other investors.

Daman Jeet Virk, another investor, said, “The IARL published advertisements of the project in 2011 with assured returns against investments till possession of properties. We invested good money, but have not received the returns on our investments in the past seven years. ”

Rakesh Babbar, one of the directors, said, “We will not comment as matter is already with the NCLT which is doing its job.” The Haryana government allotted land to the IRAL at Sector 29, allegedly at a throwaway price, thereby causing resentment among the area’s residents.