The Enforcement Directorate (ED) on Thursday attached several properties, including several unsold shops and spaces at Noida's Great India Place Mall, worth Rs 291.18 crore approximately in connection with a cheating case. In addition to these, a significant amount of commercial space in Delhi's Rohini and leasehold rights over land in Jaipur have also been seized.
The action by the central agency follows complaints filed by the Gurugram Police against International Recreation and Amusement Ltd. and its partners, who are accused of cheating investors. The company allegedly collected over Rs 400 crore from around 1,500 investors with the promise of providing homes and shops in Gurugram, which ultimately never materialised. The ED's intervention aims to recover the defrauded funds and provide some measure of justice to the victims of this.
What does ED probe reveal?
The ED investigations shows that the directors and promoters of International Recreation and Amusement Ltd. siphoned off more than Rs 400 Crore belonging to investors of Sector 29 and 52-A, Gurugram project with a premeditated intent to park the investors funds with other related entities and then sell off the company at cheap valuations and get rid of all the liabilities of investors. Further investigation into the matter is under progress
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