In a significant development, the Enforcement Directorate (ED) has transferred movable and immovable assets worth Rs 52.31 crore to the Competent Authority under the Maharashtra Protection of Interest of Depositors (MPID) Act in connection with the Aryarup Tourism and Club Resort Pvt. Ltd. scam. The move is expected to aid thousands of investors who lost their hard-earned money to the fraudulent investment schemes floated by the company. 

Investigations by the Enforcement Directorate (ED) have revealed  Aryarup Tourism and Club Resort Pvt. Ltd.along with other entities, had launched multiple investment schemes promising high returns to investors. However, the company’s promoters  allegedly misappropriated public funds instead of delivering the assured returns. A substantial portion of the proceeds of crime (PoC) was diverted towards acquiring immovable properties across different locations, while a portion of the PoC was routed through benami bank accounts. 

The ED, acting under the Prevention of Money Laundering Act (PMLA), attached bank balances and immovable properties located in Thane and Rajasthan,valued at Rs 29.20 crore through three attachment orders between 2013 and 2014. Subsequently, a prosecution complaint(PC) was filed before the Special PMLA Court on April 3, 2014.  

On April 7, 2021, the Special PMLA Court ordered the confiscation of these assets to the central government. However, depositors—many of whom had lost their life savings—continued to wait for restitution. Recognizing the genuine concerns of depositors,the ED facilitated discussions with the MPID Competent Authority, urging it to file an application before the PMLA court for  Restitution/ Restoration application to the release of assets to aid victim compensation.  

Following ED’s efforts, the MPID Authority filed an application before the Special PMLA Court in Mumbai, seeking a modification of the 2021 confiscation order to allow the transfer of assets to them for the benefit of affected depositors. The ED backed this request by submitting an affidavit endorsing the move.  

Based on the ED’s submission, the Special PMLA Court, in its order dated March 11, 2025, directed the transfer of Rs 52.31 crore worth of assets to the MPID Competent Authority. This move is aimed at ensuring victims of the scam receive their rightful claims.

The ED continues to pursue legal measures against the promoters of Aryarup Tourism and Club Resort Pvt. Ltd., aiming to bring those responsible for the financial fraud to justice.  

The Aryarup Tourism and Club Resort Pvt. Ltd. scam was a multi-crore Ponzi scheme that surfaced in 2009, where thousands of investors were duped under the pretense of lucrative returns on tourism-related investments. The Mumbai-based company lured people with promises of high returns through investments in holiday packages and resort development projects. However, it was later revealed that the company was operating a multi-level marketing (MLM) fraud, where funds from new investors were used to pay off earlier ones, a classic Ponzi scheme model.  

Following multiple complaints from investors who failed to receive their promised returns, the Economic Offences Wing (EOW) of the Mumbai Police registered an FIR against the company's directors in 2010.

In 2011, the ED launched a money laundering probe after discovering that a significant portion of the funds had been siphoned off through various bank accounts and shell companies. The agency subsequently froze multiple bank accounts and seized assets linked to the company’s promoters.