New Delhi: The Enforcement Directorate (ED) has conducted search operations at five premises located in Delhi-NCR under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with a large-scale investor fraud by International Recreation and Amusement Limited (IRAL), the agency said on Sunday.
According to an ED statement, the search operations were conducted on September 25, and a substantial volume of incriminating evidence, including various undisclosed bank accounts and several digital devices, was seized.
The agency initiated the investigation on the basis of several FIRs registered by Gurugram police and Delhi EOW against M/s International Recreation and Amusement Ltd, EOD Amusement Park Pvt LDC, Gian Vijeshwar, Robin Vijeshwar, and IRAL’s other associated concerns for cheating and criminal conspiracy for defrauding the investors of hundreds of crores.
“M/s International Recreation and Amusement Ltd had collected more than Rs 450 crore from 1,500 investors (approx.) by promising them the allocation of the retail shops/virtual space in Sector 29 and 52-A, Gurugram,” the ED said in the statement.
“However, the said entity failed to deliver the project and missed deadlines. Also, monthly assured return payments to the investors were not paid,” it added.
The ED investigation revealed that the funds were siphoned to their holding company, which was fraudulently settled through a third-party share purchase agreement involving EOD Amusement Park Pvt Ltd., for which no fair consideration was paid by the proposed buyer of the company.
Further, the misappropriations were also corroborated by the forensic audit carried out against IRAL.
The agency noted that further investigations revealed that IRAL is under a corporate insolvency process whose resolution has not taken place even after 7 years of initiation.
“Previously in this matter, two Provisional Attachment Orders were issued: one for Rs 291.31 crore dated May 28, 2024 including lands at Jaipur, Shopping Mall at Noida, and another attachment for Rs 120.98 crore on December 24, 2024, pertaining to M/s International Recreation and Amusement Limited (currently under insolvency) of the Appu Ghar group, in accordance with the provisions of the PMLA, 2002,” it said.
Both orders have been confirmed by the Adjudicating Authority.
Further investigation is in process, the ED said.
(IANS)
