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.
VIDEO | The Enforcement Directorate on Thursday said it has attached properties worth over Rs 290 crore of an amusement and recreation services providing company, including in the popular GIP Mall of #Noida, as part of a money laundering investigation.
(Full video available on… pic.twitter.com/3afbQ5Hb7M
— Press Trust of India (@PTI_News) May 30, 2024
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.
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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.
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