Haryana: On Thursday ED (Enforcement Directorate) seized assets worth more than Rs 290 crore of the company providing entertainment services, including the popular GIP Mall in Noida and Appu Ghar located in Sector-29 of Gurugram, as part of the investigation into the money laundering case.
The ED said on Thursday that the company International Amusement Limited (International Recreation and Amusement Limited) is accused of collecting more than Rs 400 crore from about 1500 investors on the promise of allotment of shops and other space in Sector-29 and 52A of Gurugram. However, the company could not complete this project within the stipulated time frame. It is alleged that the monthly assured returns were also not paid to the investors.
The company not only embezzled investors’ money but also used the investors’ funds for personal gain. It is alleged that a backdated agreement was entered into between the promoter directors and the EOD (buying entity) to eliminate the business advance money from IRL’s balance sheet.
The investors of Sector 29 and 52-A of the entertainment company’s project in Gurugram with a pre-planned intention to get rid of all the liabilities of the investors by using the investors’ funds to build an amusement park with other entities and then selling the company at cheap rates, besides taking on lease all the liabilities of the investors, the property of International Amusement Limited worth Rs 291.18 crore included unsold commercial space of 393737.28 sq ft in Great India Place Mall (GIP), Noida in Entertainment City Limited, 45966 sq ft commercial space in the name of Adventure Island Limited, Rohini and 218 acres of land in Daulatpur Village Tehsil, Jaipur.
It is in the name of International Amusement and Infrastructure Limited. The order was issued on May 28 under the provisions of the Prevention of Money Laundering Act (PMMLA). After this this action was taken.