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ED Seizes Properties Worth ₹290 Crore in Cheating Case

The Enforcement Directorate seized properties worth more than ₹290 crore from an amusement and recreational firm. This includes assets in Noida’s famed GIP Mall, which are part of a money laundering probe.

According to ED statement, in Gurugram it has provisionally attached immovable properties worth approximately Rs. 291.18 crore belonging to International Amusement Limited, the holding company of International Recreation and Amusement Ltd. (IRAL). The attached properties include unsold commercial space of 3,93,737.28 sq. ft. at the Great India Place Mall in Noida, commercial space of 45,966 sq. ft. in the name of Adventure Island Limited in Rohini, and leasehold rights over 218 acres of land at village Daulatpur, Amer, Jaipur.

These actions were taken under the provisions of the PMLA, 2002, on Tuesday, ED added.

What is the Money Laundering and Cheating Case?

International Amusement Limited, the holding company of IRAL, is accused of collecting over ₹400 crore from around 1,500 investors, promising to allocate shops and other spaces in Sector 29 and 52-A in Gurugram, according to the Enforcement Directorate.

However, the company allegedly failed to deliver the projects and missed deadlines. It also stopped making the assured monthly return payments to the investors.

The ED claimed the company siphoned off the investors’ money and funneled the funds to associated individuals and entities for personal gains.

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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Source: HT

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