Money Laundering Probe: ED Attaches Over Rs 290 Crore Worth Assets of Amusement Company, Including GIP Mall of Noida
The Enforcement Directorate on Thursday said it has attached properties worth over Rs 290 crore of an amusement and recreation services providing company, including in the popular GIP Mall of Noida, as part of a money laundering investigation.
New Delhi, May 30: The Enforcement Directorate on Thursday said it has attached properties worth over Rs 290 crore of an amusement and recreation services providing company, including in the popular GIP Mall of Noida, as part of a money laundering investigation.
The company-- International Amusement Limited (holding company of International Recreation and Amusement Ltd. (IRAL)-- is accused of collecting more than Rs 400 cr from about 1,500 investors on the promise of allotment of shops/other space in Sector 29 and 52-A in Gurugram, the agency said in a statement. ED Conducts Raids at Multiple Locations, Recovers Stack of Notes From Washing Machine (See Pic).
However, the said entity "failed" to deliver the project and missed deadlines, it alleged, adding that monthly assured return payments to the investors were not paid. The company "siphoned off investors' money and parked the funds with associated persons/ entities which was used for personal gains."
It alleged that back-dated agreement was executed between the promotor directors and EOD (buying entity) in order to eliminate the business advance from IRAL's balance sheet, enabling the departing directors to "evade" their responsibilities towards IRAL. Excise Policy Case: Court Reserves Order on ED’s Chargesheet Against Delhi CM Arvind Kejriwal and AAP in Money Laundering Case.
"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," the ED alleged.
Assets worth Rs 291.18 crore belonging to International Amusement Limited held in Entertainment City Limited in the form of unsold commercial space of 3,93,737.28 sq ft at the Great India Place Mall (GIP) Noida, commercial space of 45,966 sq. ft. held in the name of Adventure Island Limited, Rohini and leasehold rights over land of 218 acres at Daulatpur village Tehsil- in Jaipur held in the name of International Amusement and Infrastructure Limited have been attached provisionally. The order was issued on May 28 under the provisions of the Prevention of Money-laundering Act (PMLA).