ED Gurugram Zonal Office has conducted search operations on 25.09.2025 at Five premises located in Delhi NCR under the provisions of the PMLA, 2002
FinTech BizNews Service
Mumbai, September 28, 2025: ED Gurugram Zonal Officehas conducted search operations on 25.09.2025 at Five premises located in Delhi NCR under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with a large-scale Investor Fraud in the case of International Recreation and Amusement Limited (IRAL), as per a press release issued by the ED today.
ED initiated investigation on the basis of several FIRs registered by Gurugram Police and Delhi EOW against M/s International Recreation and Amusement Ltd, EOD Amusement Park Pvt LDC, Gian Vijeshwar, Robin Vijeshwarand its other associated concerns for cheating and criminal conspiracy for defrauding the investors of hundreds of crores. M/s International Recreation and Amusement Ltd. had collected more than 450 Crore from 1500 investors (approx.) by promising them the allocation of the retail shops/virtual space in Sector 29 and 52-A, Gurugram. However, the said entity failed to deliver the project and missed deadlines. Also, monthly assured return payments to the investors were not paid.
ED investigation revealed the funds were siphoned to their holding company, which were fraudulently settled through a third-party share purchase agreement involving EOD Amusement Park Pvt Ltd., for which no fair consideration was paid by the proposed buyer of the company. Further, the misappropriations were also corroborated by the forensic audit carried out against IRAL.
Further investigations revealed that IRAL is under corporate insolvency process whose resolution has not taken place even after 7 years of initiation. Previously in this matter, two Provisional Attachment Orders were issued: one for Rs. 291.31 Crore dated 28.05.2024 including lands at Jaipur, Shopping Mall at Noida, and another attachment for Rs. 120.98 Crore on 24.12.2024, pertaining to M/s International Recreation and Amusement Limited (currently under insolvency) of the Appu Ghar group, in accordance with the provisions of PMLA, 2002. Both orders have been confirmed by the Adjudicating Authority.
During the recent search operations, the ED seized a substantial volume of incriminating evidence, including various undisclosed Bank Accounts, and several digital devices. Further investigation is under progress.
