The Enforcement Directorate on Thursday attached properties worth over Rs 290 crore, including the popular Great India Place (GIP) Mall of Noida, as part of a money laundering investigation against an amusement and recreation services providing company.
These assets belong to International Amusement Limited, holding company of International Recreation and Amusement Ltd. (IRAL), which is accused of collecting more than Rs 400 crore from about 1,500 investors on the promise of allotment of shops/other space in Sector 29 and 52-A in Gurugram.
The assets seized include unsold commercial space spanning 3,93,737.28 sq. ft. at the Great India Place Mall, Noida, and 45,966 sq. ft. of commercial space held by M/s. Adventure Island Limited in Rohini. Additionally, leasehold rights over 218 acres of land in Jaipur, held by M/s. International Amusement and Infrastructure Limited, have been provisionally attached under the provisions of the Prevention of Money-laundering Act (PMLA), 2002.
The investigation by the ED was initiated following FIRs registered by the Gurugram Police against International Recreation and Amusement Ltd and its associated concerns for alleged cheating and criminal conspiracy. It was revealed that the company had allegedly collected over Rs 400 crore from approximately 1,500 investors under the guise of an affordable housing scheme. However, the company failed to deliver the promised project within the stipulated timelines, and investors did not receive their assured monthly returns.
Further scrutiny by the ED uncovered that the funds collected from investors were diverted and misappropriated for personal gains. The directors and promoters of International Recreation and Amusement Ltd were allegedly found to have siphoned off more than Rs 400 crore, intentionally parking investors’ funds with related entities. Subsequently, efforts were made to sell off the company at undervalued rates, thereby absolving themselves of any liabilities towards the investors.
In a bid to cover their tracks, the directors allegedly executed backdated agreements to eliminate business advances from the company’s balance sheet, facilitating their departure without fulfilling their obligations towards IRAL.
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