Noida: Rs 290 crore seized from GIP Mall and other places, ED action against this company
The Enforcement Directorate took the major action on Thursday. IRL Holding has attached assets worth Rs 290 crore belonging to International Entertainment Limited. Noida's famous mall Great Palace of India, which comes under Entertainment City Limited, also comes under this holding. ED GIP has also incorporated parts of the mall. Apart from GIP, ED has also taken action at Rohini's Adventure Island. Rohini-based Adventure Island Limited is built on 45,966 square feet of commercial space. International Entertainment Limited (the holding company of International Recreation and Amusement Limited (IRL)) is alleged to have collected over Rs 400 crore from around 1,500 investors by promising allotment of shops/other spaces in Sections 29 and 52. Noida's GIP Mall is built on a commercial area of approximately 3,93,737.28 sq.ft. A large number of people visit the shops and shop every day. In such a scenario, this move by the ED is nothing less than a shock. Cheating by making false promises: International Entertainment Ltd has been accused of extorting over Rs 400 crore from about 1,500 investors by promising to allot shops/other spaces in Sectors 29 and 52A in Gurugram, the investigating agency said. However, the project “failed” and missed the deadline. It was also alleged that the investors were not provided with guaranteed monthly returns. It has been alleged that the company swindled investors' money, deposited the money with related persons/companies and used it for personal gain. How was the deal made? The ED alleged that a back-dated agreement was entered into between the promoter directors and the EOD (purchasing agency) to wipe out the business advances from IRAL's balance sheet. By this, the directors who left the board were able to shirk their responsibility towards IRAL. The ED alleged that over Rs 400 crore was misappropriated with the intention of parking investors' money with other related companies.
