On Thursday, the Enforcement Directorate (ED) attached assets worth over Rs 290 crore to a company providing amusement and entertainment services in a money laundering case. This includes the popular GIP Mall in Noida.
The ED took this action under an ongoing probe into money laundering against India Bulls Entertainment Limited (IBEL). The ED alleges that IBEL obtained loans exceeding Rs 165 crore from various banks and financial institutions and diverted these funds for money laundering activities.
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The agency said IBEL used forged and fraudulent documents to secure the loans and the loan amount was diverted for the personal gains of the company's promoters and their associates.
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The attached assets include IBEL's unsold commercial space in the GIP Mall, Noida company shares, and bank accounts. The ED said the investigation is still ongoing and further action will be taken.
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This case highlights the Indian government's crackdown on money laundering. It serves as a warning to companies that employ fraudulent methods to obtain loans. This is also a concern for mall owners and investors, as their properties could be attached if they are not vigilant about tenants indulging in money laundering activities. Also Read: Centre Issues Citizenship Certificates To People From Bengal, Haryana Under CAA