The Enforcement Directorate announced it has seized properties worth over ₹290 crore belonging to an amusement and recreation company. This includes properties in the popular GIP Mall in Noida, as part of a money laundering investigation.
According to ED statement, in Gurugram it has provisionally attached immovable properties worth approximately Rs. 291.18 crore belonging to International Amusement Limited, the holding company of International Recreation and Amusement Ltd. (IRAL). The attached properties include unsold commercial space of 3,93,737.28 sq. ft. at the Great India Place Mall in Noida, commercial space of 45,966 sq. ft. in the name of Adventure Island Limited in Rohini, and leasehold rights over 218 acres of land at village Daulatpur, Amer, Jaipur.
These actions were taken under the provisions of the PMLA, 2002, on Tuesday, ED added.
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What is the money laundering and cheating case?
International Amusement Limited, the holding company of IRAL, is accused of collecting over ₹400 crore from around 1,500 investors, promising to allocate shops and other spaces in Sector 29 and 52-A in Gurugram, according to the Enforcement Directorate.
{{/usCountry}}International Amusement Limited, the holding company of IRAL, is accused of collecting over ₹400 crore from around 1,500 investors, promising to allocate shops and other spaces in Sector 29 and 52-A in Gurugram, according to the Enforcement Directorate.
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However, the company allegedly failed to deliver the projects and missed deadlines. It also stopped making the assured monthly return payments to the investors.
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The ED claimed the company siphoned off the investors' money and funneled the funds to associated individuals and entities for personal gains.
Additionally, the ED alleged that the promoter directors executed back-dated agreements with a buying entity to remove the business advance from IRAL's balance sheet, allowing the departing directors to evade their responsibilities towards IRAL.