Properties Worth Rs 300 Crore In Delhi, Noida Attached In Cheating Case

The Enforcement Directorate (ED) on Thursday said it has attached properties worth over Rs 290 crore of an amusement and recreation services providing company, including in the popular GIP Mall of Noida, as part of a money laundering investigation.

The company-- International Amusement Limited (holding company of International Recreation and Amusement Ltd. (IRAL)-- is accused of collecting more than Rs 400 cr from about 1,500 investors on the promise of allotment of shops/other space in Sector 29 and 52-A in Gurugram, the agency said in a statement.

However, the said entity "failed" to deliver the project and missed deadlines, it alleged, adding that monthly assured return payments to the investors were not paid. The company "siphoned off investors' money and parked the funds with associated persons/ entities which was used for personal gains." It alleged that 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.