New Delhi: The Enforcement Directorate on Thursday said it has seized assets worth over Rs 290 crore of a company providing entertainment services at Noida’s popular GIP Mall and other landmarks as part of a money laundering probe.
The agency said in a statement that International Amusement Limited Company is accused of collecting more than Rs 400 crore from about 1,500 investors by promising allotment of shops/other space in Sector 29 and 52-A of Gurugram. International Amusement Limited is the holding company of International Recreation and Amusement Limited (IRAL).
However, the entity “failed” to complete the project and missed the deadline. It alleged that the monthly assured returns were not paid to the investors. The statement said the company “misappropriated the investors’ money and deposited the money with related individuals/entities which was used for personal gain.”
The assets of International Amusement Limited worth Rs 291.18 crore in the form of unsold commercial space of 3,93,737.28 sq ft in Entertainment City Limited at Great India Place Mall (GIP) Noida and a commercial plot of 45,966 sq ft in the name of Adventure Island Limited, Rohini and leasehold rights over 218 acres of land in the name of International Amusement and Infrastructure Limited at Daulatpur Village Tehsil, Jaipur have been provisionally attached. The order was issued on May 28 under the provisions of the Prevention of Money Laundering Act (PMLA).