New Delhi: The Enforcement Directorate has attached immovable properties worth Rs 291.18 crore belonging to International Amusement Limited, the holding company of IRAL, the agency said on Thursday.
The assets include unsold commercial space of 3,93,737.28 square feet at the Great India Place Mall in Noida, commercial space of 45,966 square feet held in the name of Adventure Island Limited in Delhi's Rohini, and leasehold rights over land of 218 acres at Daulatpur village in Jaipur held in the name of International Amusement and Infrastructure Limited.
Enforcement Directorate Takes Action Under Provisions Of PMLA
The action was taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, via a Provisional Attachment Order dated May 28, 2024.
ED's Gurugram Zonal Office took the action based on its initiated investigation on the basis of First Information Reports registered by Gurugram Police against International Recreation and Amusement Ltd and its other associated concerns for cheating and criminal conspiracy.
As per the ED, International Recreation and Amusement Ltd. had collected more than 400 crore from 1,500 investors for under the affordable housing scheme, on the promise of allotment of shops and space in Sector 29 and 52-A, Gurugram. However, the agency said, they failed to deliver the project and missed deadlines. "Also, monthly assured return payments to the investors were not being paid."
ED investigation revealed that entity siphoned off investors' money and parked the funds with associated persons and entities which was used for personal gains.
"Further, 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," said the ED.
ED investigations shows that the directors and promoters of International Recreation and Amusement Ltd siphoned off more than Rs 400 crore (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.
