The Enforcement Directorate (ED) has initiated action against the International Amusement and Infrastructure Limited, resulting in the seizure of properties valued at more than 291 crores across various locations including Gurugram, Rohini, and Jaipur. Among the seized assets is the iconic GIP Mall in Noida.
Allegations and Accusations
The ED’s investigation stems from a money laundering case involving International Amusement and Infrastructure Limited. The company allegedly assured 1500 investors of shop allocations in Gurugram Sector 29 and 52-A, collecting a staggering sum of over 400 crores from them. However, it failed to deliver on its promises within the specified timeframe.
Failure to Deliver
International Amusement and Infrastructure Limited, along with its holding company International Recreation and Amusement Limited, allegedly diverted investors’ funds and failed to complete the promised projects. Furthermore, monthly returns on seized properties in Delhi and Jaipur were reportedly not provided as per agreements.
Seized Assets
The ED’s operation has led to the confiscation of properties amounting to 291.18 crores. This includes 3,93,737.28 square feet of unsold commercial space within GIP Mall, 45,966 square feet of commercial land in Rohini under Adventure Island Limited, and 218 acres of land in Jaipur owned by International Amusement and Infrastructure Limited.
Stuck Investments
With over 400 crores of investors’ funds entangled in this case, the ED’s actions aim to bring transparency and accountability to the forefront. The seized properties represent a significant step towards unraveling the complexities of the alleged financial irregularities and providing recourse to affected investors.
