The Enforcement Directorate (ED) announced it has seized properties worth over ₹290 crore belonging to an amusement and recreation company as part of a money laundering investigation. These properties include assets in the popular GIP Mall in Noida.
According to an ED statement, properties worth approximately ₹291.18 crore belonging to International Amusement Limited, the holding company of International Recreation and Amusement Ltd. (IRAL), have been provisionally attached in Gurugram.
The attached properties include unsold commercial space of 3,93,737.28 sq. ft. at the Great India Place Mall in Noida, 45,966 sq. ft. of commercial space in the name of Adventure Island Limited in Rohini, and leasehold rights over 218 acres of land in Daulatpur village, Amer, Jaipur.
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These actions were taken under the provisions of the PMLA, 2002, on Tuesday, the ED added. International Amusement Limited, the holding company of IRAL, is accused of collecting over ₹400 crore from around 1,500 investors with the promise of allocating shops and other spaces in Sector 29 and Sector 52-A in Gurugram, according to the ED.
However, the company allegedly failed to deliver the projects and missed deadlines, ceasing the assured monthly return payments to investors. The ED claimed the company siphoned off the investors’ money, funneling the funds to associated individuals and entities for personal gain.
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.
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