Did ED Uncover a Major Investor Fraud by IRAL in Delhi-NCR?
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Synopsis
The Enforcement Directorate has launched extensive search operations in Delhi-NCR related to a massive fraud scheme by International Recreation and Amusement Limited. This operation has unveiled significant evidence and raised questions regarding investor safety and corporate accountability in India. Stay tuned for more updates on this developing story.
Key Takeaways
- The ED conducted extensive searches related to a fraud involving IRAL.
- Over Rs 450 crore collected from investors remains unaccounted for.
- The investigation revealed multiple undisclosed bank accounts and digital evidence.
- IRAL is under corporate insolvency proceedings.
- Provisional Attachment Orders have been issued by the ED.
New Delhi, Sep 28 (NationPress) The Enforcement Directorate (ED) has executed search operations at five locations in Delhi-NCR under the Prevention of Money Laundering Act (PMLA), 2002, concerning a significant investor fraud orchestrated by International Recreation and Amusement Limited (IRAL), as stated by the agency on Sunday.
The operations took place on September 25, during which a considerable amount of incriminating evidence was confiscated, including multiple undisclosed bank accounts and various digital devices.
The investigation was prompted by numerous FIRs lodged by the Gurugram police and Delhi EOW against M/s International Recreation and Amusement Ltd, EOD Amusement Park Pvt Ltd, Gian Vijeshwar, Robin Vijeshwar, and other associated entities for cheating and criminal conspiracy aimed at defrauding investors of hundreds of crores.
According to the ED, M/s International Recreation and Amusement Ltd had garnered over Rs 450 crore from approximately 1,500 investors by promising them retail shops/virtual spaces in Sector 29 and 52-A, Gurugram.
However, the entity failed to fulfill its commitments, missing project deadlines and neglecting to pay the promised monthly returns to investors.
The investigation further uncovered that funds were improperly funneled to their holding company through a fraudulent third-party share purchase agreement involving EOD Amusement Park Pvt Ltd, with no legitimate compensation paid by the supposed purchaser.
Additionally, a forensic audit corroborated these misappropriations against IRAL.
The ED also found that IRAL is currently undergoing a corporate insolvency process, which has yet to reach resolution even after seven years.
In a previous development regarding this matter, two Provisional Attachment Orders were issued: one amounting to Rs 291.31 crore dated May 28, 2024, covering properties in Jaipur, and a shopping mall in Noida, and another for Rs 120.98 crore on December 24, 2024, related to M/s International Recreation and Amusement Limited, currently in insolvency under the Appu Ghar group, in accordance with the PMLA, 2002.
Both orders have received confirmation from the Adjudicating Authority.
The ED has stated that further investigations are underway.
Point of View
It is crucial to highlight the pressing need for accountability and transparency in corporate dealings. The ongoing investigation by the ED into IRAL's fraudulent practices underscores the importance of protecting investors and maintaining trust in the financial system. It is our duty to inform the public about these issues while advocating for stronger regulatory measures to prevent such occurrences in the future.
NationPress
28/09/2025
Frequently Asked Questions
What led to the ED's investigation into IRAL?
The investigation was prompted by multiple FIRs filed by Gurugram police and Delhi EOW against IRAL and its associates for defrauding investors.
How much money was allegedly involved in the fraud?
IRAL allegedly collected over Rs 450 crore from approximately 1,500 investors.
What has the ED seized during the investigation?
The ED seized a substantial amount of incriminating evidence, including undisclosed bank accounts and digital devices.
What is the current status of IRAL?
IRAL is currently undergoing a corporate insolvency process, which has not reached resolution even after seven years.
What actions have been taken against IRAL?
The ED issued two Provisional Attachment Orders totaling Rs 412.29 crore related to properties and assets associated with IRAL.
