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ED Seizes ₹290 Crore In Assets, Including Noida’s GIP Mall, In Fraud Case

The Enforcement Directorate (ED) has attached assets worth Rs 290 crore belonging to an amusement company, International Amusement Limited, in Noida. The ED suspects the company of money laundering activities and has attached some of their assets located in Noida's GIP Mall. The total value of the attached assets is estimated to be Rs 290 crore.

Edited By : News24 Desk | Updated: May 30, 2024 13:56 IST
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ED Seize Rs. 290 Crore From GIP Mall, Noida

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.

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.

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.

Also Read: Bihar Man Dies In Delhi Hospital Due To Heat, Fever Reached 107 Degrees

 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

First published on: May 30, 2024 01:55 PM IST

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