THE JHARKHAND STORY DESK
New Delhi, May 30: As part of a money laundering investigation, the Enforcement Directorate announced on Thursday that it had attached properties worth over Rs 290 crore including in the well-known GIP Mall in Noida belonging to a company that provides amusement and recreation services.
Assets valued at Rs 291.18 crore, owned by International Amusement Limited, have been provisionally seized. These include unsold commercial space spanning 3,93,737.28 sq ft at the Great India Place Mall (GIP) in Noida, commercial space of 45,966 sq ft under Adventure Island Limited in Rohini, and leasehold rights over 218 acres of land in Daulatpur village in Jaipur held by International Amusement and Infrastructure Limited.
In accordance with the terms of the Prevention of Money-laundering Act (PMLA), the order was issued on May 28.
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ED alleges Rs 400 Crore fraud against investors
According to a statement from the agency, International Amusement Limited, the holding company of International Recreation and Amusement Ltd. (IRAL), is accused of taking more than Rs 400 cr from roughly 1,500 investors under the false pretence of providing shops and other space in Gurugram’s Sector 29 and 52-A.
ED alleged that the aforementioned firm “failed” to complete the project and missed deadlines and that the investors’ monthly guaranteed return payments were not made.
The company diverted investors’ money and placed the funds with associated persons/entities for personal profit. Allegations were made that a back-dated agreement was arranged between the promoter directors and EOD (the buying entity) to remove business advances from IRAL’s balance sheet, allowing the departing directors to avoid their obligations to IRAL.
“The directors/promoters of International Recreation and Amusement Ltd. siphoned off more than Rs 400 cr [belonging to investors of sector 29 and 52-A, Gurugram project] with a premeditated intent to park the investors funds with other related entities and then sell off the company at cheap valuations and get rid of all the liabilities of investors,” ED stated.
