ED Freezes Assets in Major Amusement Park Prob

The Enforcement Directorate has attached assets of International Recreation and Amusement Limited, freezing 42 acres of land in Gurugram valued at over Rs 120 crore. This action is part of a money laundering probe involving missed project deliveries and misused investor funds, stemming from several FIRs registered by Gurugram police.

The Enforcement Directorate (ED) has intensified its money laundering probe against International Recreation and Amusement Limited (IRAL) by freezing 42 acres of land in Gurugram, Haryana. The assets, valued at over Rs 120 crore, are connected to the ongoing investigation into IRAL's financial misconduct.

IRAL, known for running the 'Appu Ghar' amusement park, is currently embroiled in insolvency proceedings. The ED's latest action follows the attachment of properties worth Rs 291 crore in May. The probe was initiated after multiple FIRs were filed by the Gurugram police accusing the company and its promoters of fraudulent activities.

The investigation reveals that IRAL collected over Rs 400 crore from about 1,500 investors, promising them retail spaces that were never delivered. Additionally, the company's promoters allegedly siphoned investor funds for personal use. The ED aims to secure corporate debtor assets following IBBI's disciplinary actions against IRAL's Resolution Professional.

(With inputs from agencies.)