The Enforcement Directorate has announced the seizure of properties worth over ₹290 crore belonging to an amusement and recreation company. This includes properties located in the popular GIP Mall in Noida, as part of an ongoing money laundering investigation.

According to a statement by the ED, it has provisionally attached immovable properties worth approximately Rs. 291.18 crore. These properties belong to International Amusement Limited, the holding company of International Recreation and Amusement Ltd. (IRAL).

The attached properties include unsold commercial space measuring 3,93,737.28 sq. ft. at the Great India Place Mall in Noida, as well as commercial space measuring 45,966 sq. ft. under the name of Adventure Island Limited in Rohini. Additionally, the attachment extends to leasehold rights over 218 acres of land located at the village of Daulatpur, Amer, Jaipur.

ED disclosed that these actions were taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

International Amusement Limited, the holding company of IRAL, stands accused of collecting over ₹400 crore from approximately 1,500 investors. According to the ED, the company allegedly promised to allocate shops and other spaces in Sector 29 and 52-A in Gurugram.

However, the company reportedly failed to fulfill the promised projects and missed deadlines, as well as stopped the assured monthly return payments to investors. As per ED, the company is accused of diverting investors' funds and channelling them to associated individuals and entities for personal profit.

Furthermore, the ED alleges that the promoter directors orchestrated back-dated agreements with a buying entity to eliminate the business advance from IRAL's balance sheet. This action purportedly enabled the departing directors to evade their responsibilities towards IRAL.

Image source: Hindustan Times