New Delhi [India], December 26 (ANI): The Directorate of Enforcement (ED) has attached immovable assets valued at Rs 120.98 crore belonging to International Recreation and Amusement Limited (under insolvency) of Appu Ghar group, the agency said on Thursday.
These assets include 25 acres of land in Sector 29 and 17 acres of land in Sector 52A of Gurugram along with the unfinished buildings.
These properties were attached on December 24 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
ED’s Gurugram office attached these immovable assets as part of its ongoing investigation initiated on the basis of several First Information Reports registered by Gurugram Police against International Recreation and Amusement Ltd. (IRAL), its promoters Rakesh Babbar, Gyan Vijeshwar, Robin Vijeshwar and its other associated concerns for cheating and criminal conspiracy.
As per the ED, the IRAL had collected more than Rs 400 crores from 1,500 investors by promising them an allocation of the retail shops and virtual space in Gurugram’s Sector 29 and 52-A. “However, the entity failed to deliver the project and missed deadlines. Also, monthly assured return payments to the investors were not paid.”
ED investigations revealed that the promoters of IRAL led by Rakesh Babbar, Gyan Vijeshwar, Robin Vijeshwar siphoned off the investor’s funds and parked the funds with associated persons and entities which were used for personal gains.
Further, the federal agency said, “Backdated agreement was executed between the promoter directors and EOD (buying entity) in order to eliminate the business advance from IRAL’s balance sheet, enabling the departing directors to evade their responsibilities towards IRAL.”
ED said that the attachment has been issued to secure the assets of the corporate debtor, IRAL, after the PMLA investigation revealed that the disciplinary committee of Insolvency and Bankruptcy Board of India (IBBI) had suspended the Resolution Professional on serious allegations.
“The PMLA investigations revealed that no resolution plan has been taken place even after six years of initiation of Corporate Insolvency Resolution Process (CIRP) proceedings adversely affecting the interest of the investors,” added the agency.
The fresh attachment followed the provisional attachment of Rs 291.31 crore on May 28 issued by ED in the same case which is confirmed by the PMLA adjudicating Authority.
The total attachment in this case stands at Rs 412.29 crore as of date. (ANI)
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