Economic Fraud
Game Over for Great India Place (GIP) Mall, Noida? ED Attaches Property Worth Rs. 300 Crore
Properties worth Rs. 300 crore, including spaces at Noida’s Great India Place Mall, have been attached by the ED in a cheating case. The investigation reveals that over Rs. 400 crore was collected from investors, promising real estate projects that never materialized.
New Delhi: The Enforcement Directorate (ED) has attached properties worth nearly Rs. 300 crore in a high-profile cheating case involving International Recreation and Amusement Ltd. and its partners. The attached properties include several unsold shops and commercial spaces at the renowned Great India Place (GIP) Mall in Noida, along with commercial space in Rohini, Delhi, and leasehold rights over land in Jaipur.
This action comes in response to complaints filed by the Gurugram Police, accusing the company and its associates of collecting over Rs. 400 crore from around 1,500 investors under the pretense of delivering homes and shops in Gurugram, a promise that was never fulfilled. The ED suspects that the collected funds were misappropriated for personal gains, diverting money to other companies and individuals.
ALSO READ: Ransomware Attack Compromises Data at Medical Device Manufacturer LivaNova: Complete Details Inside
The ED’s investigation has revealed that the directors and promoters of International Recreation and Amusement Ltd. allegedly siphoned off the investors’ money with the intention of avoiding repayment and offloading the company’s liabilities.
“The directors/promoters of International Recreation and Amusement Ltd. siphoned off more than ₹ 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,” the ED stated.
Key Seizures:
- Unsold shops and commercial spaces at Great India Place Mall, Noida
- Commercial space in Rohini, Delhi
- Leasehold rights over land in Jaipur
An ED official elaborated on the scale of the fraud, stating, “This case underscores a significant breach of trust, where investors were lured with promises of lucrative real estate opportunities. Instead, their funds were funneled into unrelated ventures, leaving them with nothing.”
The investigation is ongoing, with the ED tracing the flow of funds and uncovering further layers of the scam. The fraudulent activities came to light following multiple complaints lodged by aggrieved investors who had been left in the lurch. “We trusted the company with our hard-earned money, believing in their promises. It’s devastating to learn that it was all a sham,” said one of the affected investors, preferring to remain anonymous.
ALSO READ: Is India Inc. Ready for the DPDP Act 2023? Join the Webinar by Future Crime Research Foundation
The ED has urged other investors who might have been similarly defrauded to come forward and assist in the investigation. The agency aims to recover as much of the siphoned funds as possible and return them to the owners.
Follow The420.in on
Twitter (X), LinkedIn, and YouTube