India, March 16 -- The Enforcement Directorate (ED) on Friday handed over movable and immovable assets worth Rs.52.31 crore to the Competent Authority under the Maharashtra Protection of Interests of Depositors (MPID) Act, 1999. The assets, originally confiscated under the Prevention of Money Laundering Act (PMLA), were linked to Aryarup Tourism and Club Resort Pvt Ltd, a company accused of defrauding investors through fraudulent investment schemes.

According to ED investigations, Aryarup promoters, along with its associates, lured investors with promises of high returns but ultimately failed to deliver. Instead, the company's promoters allegedly diverted and laundered the collected funds, using them to acquire immovable properties acros...