New Delhi: The Enforcement Directorate on Thursday said it has attached assets worth over Rs 290 crore of a company providing entertainment and recreation services, including Noida's popular GIP Mall, as part of a money laundering probe.
The company – International Entertainment Limited (the holding company of International Recreation and Amusement Limited (IRAL)) is accused of collecting over Rs 40 crore from about 1,500 investors on the promise of allotment of shops/other space in Sectors 29 and 52. -in Gurugram, the agency said in a statement.
However, the said entity "failed" to complete the project and alleged that it missed deadlines, adding that monthly assured returns were not paid to investors.
The company “appropriated investors' money and parked the money with associated persons/entities, which were used for personal gains.,
It alleged that a back-dated agreement was entered into between the promoter director and the EOD (procurement entity) to wipe out business advances from IRAL's balance sheet, thereby enabling the departing director to "escape" his responsibilities towards IRAL. Have become.
"Director/Promoter of International Recreation and Amusement Limited.
With the pre-determined intention of investing the investors' money in other related entities and then selling the company at cheap valuation and getting rid of all liabilities [belonging to the investors of Sector 29 and 52-A Gurugram project] of more than Rs 400 crore. Of manipulation. of investors,” the ED alleged.
International Amusements Ltd's property worth Rs 291.18 crore in Entertainment City Ltd is in the form of unsold commercial space of 3,93,737.28 sq ft, 45,966 sq ft of commercial space in Great India Place Mall (GIP) Noida.Leasehold rights have been provisionally attached over 218 acres of land taken in the name of International Amusement and Infrastructure Limited in the name of Adventure Island Limited, Rohini, in the tehsil of Daulatpur village, Jaipur.
The order was issued on May 28 under the provisions of the Prevention of Money-Laundering Act (PMLA).
The company – International Entertainment Limited (the holding company of International Recreation and Amusement Limited (IRAL)) is accused of collecting over Rs 40 crore from about 1,500 investors on the promise of allotment of shops/other space in Sectors 29 and 52. -in Gurugram, the agency said in a statement.
However, the said entity "failed" to complete the project and alleged that it missed deadlines, adding that monthly assured returns were not paid to investors.
The company “appropriated investors' money and parked the money with associated persons/entities, which were used for personal gains.,
It alleged that a back-dated agreement was entered into between the promoter director and the EOD (procurement entity) to wipe out business advances from IRAL's balance sheet, thereby enabling the departing director to "escape" his responsibilities towards IRAL. Have become.
"Director/Promoter of International Recreation and Amusement Limited.
With the pre-determined intention of investing the investors' money in other related entities and then selling the company at cheap valuation and getting rid of all liabilities [belonging to the investors of Sector 29 and 52-A Gurugram project] of more than Rs 400 crore. Of manipulation. of investors,” the ED alleged.
International Amusements Ltd's property worth Rs 291.18 crore in Entertainment City Ltd is in the form of unsold commercial space of 3,93,737.28 sq ft, 45,966 sq ft of commercial space in Great India Place Mall (GIP) Noida.Leasehold rights have been provisionally attached over 218 acres of land taken in the name of International Amusement and Infrastructure Limited in the name of Adventure Island Limited, Rohini, in the tehsil of Daulatpur village, Jaipur.
The order was issued on May 28 under the provisions of the Prevention of Money-Laundering Act (PMLA).
