The ED has put under provisional attachment immovable assets worth Rs.291.18 crore owned by International Recreation and Amusement Limited in relation to a case where over Rs 400 crore were allegedly swindled from approximately 1500 investors of an affordable housing scheme.
The said properties are in the form of unsold commercial space measuring more than 3.93 lakh square feet at Great India Place Mall, Noida held by International Amusement (holding company of IRAL); commercial space of 45,966 square feet held in the name of Adventure Island Limited, Rohini (Delhi); and leasehold rights over 218- acre land belonging to International Amusement and Infrastructure Limited in Daulatpur village of Jaipur’s Amer.
ED is investigating into FIRs lodged by Gurugram police against International Recreation and Amusement and its other associate concerns for its alleged acts of cheating as well as criminal conspiracy. It is alleged that the proceeds collected from investors by International Recreation and Amusement were to be used for allotment shops / space at Sector 29 and 52-A Gurugram. However, it was unable to carry out this project within the specified time period and also could not meet the promised dates. Also, there were no monthly assured return payments being made to investors.
Further , the entity diverted/funnelled funds parked with related persons/ entities who used these for private purposes,”said an ED officials while pointing out that “A backdated agreement was executed between promoter directors & EOD (buying entity) so as to rout out business advance from balance sheet of IRAL enabling departing director evade his responsibilities towards IRL.”
“ED investigations reveal that directors/promoters of International Recreation and Amusement Ltd siphoned off more than Rs.400 crores… with a premeditated intent to park investors’ funds with other related entities, then sell off company at cheap valuation,and get rid off all the liabilities of investors,” it said.
