Land, cash and valuables worth 100 crore to be auctioned by CID

Pune: Here’s some good news for the victims of the Aryarup Travel and Club Resort (ATCR) fraud case. The state Crime Investigation Department (CID) will soon distribute around Rs100 crore, recovered in the form of land, cash and valuables seized from the directors of the firm, to the gullible investors.
CID officials said that as per the procedure they have sent a detailed report of the seizure to respective district collectors, who will send a report to the home department seeking permission to auction the properties.
State CID chief SPS Yadav said that there are people who have invested lakhs in the fraudsters’ scheme. “We have seized properties worth Rs100 crore and completed the required procedures. A report has been sent to district collectors and hopefully they will get permission from the home department to auction the properties.”
According to the CID, the ATCR firm had branches in Haryana, Gujarat and other states. In Maharashtra, the firm set up its offices in Buldhana, Nashik, Nanded, Solapur, Parbhani, Jaipur, Thane, Navi Mumbai, Mumbai, Jalgaon, Bhusawal, Pune and Latur. The directors of ATCR Ravindra Deshmukh and his wife Vasuda are accused of duping over 1,000 people by promising to double their money. 

The Deshmukh couple had floated several schemes in Gujarat, Haryana, Jaipur, Bangalore and Maharashtra. Investors were promised annual returns of 86-96 per cent if they put in Rs5,000 and more in the schemes. Investors who brought in others were promised additional returns. The company opened accounts of investors on its website.
Additional director general of police (CID), presently additional commissioner of police (North region) Prakash Mutiyal said, “The chargesheet of the case has been submitted to the court. We have seized land in different districts. The fraudsters had bought many plots in Nirmannagar in Thane district. 
We have also seized a 46-acre plot in Rajasthan.”