 "GIP Mall Noida")
The Enforcement Directorate (ED) announced on Thursday that its Gurugram unit has provisionally attached properties worth Rs 291.18 crore belonging to International Amusement Limited in a cheating case. The attached properties include unsold commercial space at the Great India Place Mall (GIP) in Noida, among other spaces.
Besides GIP, Noida, the agency has also attached commercial space in the name of Adventure Island Limited in Rohini and leasehold rights over 218 acres of land in Jaipur under the Prevention of Money-laundering Act (PMLA), 2002, through a provisional order dated May 28.
The ED has attached unsold commercial space of 393,737.28 sq. feet at the Noida mall.
ED, Gurugram has provisionally attached immovable properties worth Rs. 291.18 Crore (approx.) belonging to M/s International Amusement Limited (holding company of M/s IRAL) held in M/s. Entertainment City Limited
— ED (@dir_ed) May 30, 2024
“The ED initiated an investigation on the basis of FIRs registered by Gurugram Police against International Recreation and Amusement Ltd. and its other associated concerns for cheating and criminal conspiracy. International Recreation and Amusement Ltd. had collected more than Rs 400 crore from 1,500 investors under the affordable housing scheme, promising the allotment of shops/space in Sector 29 and 52-A, Gurugram. However, the entity failed to deliver the project and missed deadlines. Also, monthly assured return payments to the investors were not being made,” the agency alleged in a press release.
The probe agency said that its investigation revealed that International Recreation and Amusement Ltd. (IRAL) siphoned off Rs 400 crore of investors’ money for personal gains.
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“Further, a backdated agreement was executed between the promoter directors and EOD (buying entity) to eliminate the business advance from IRAL's balance sheet, enabling the departing directors to evade their responsibilities towards IRAL,” it alleged.
It added that further investigation is underway in the matter.
