ED attaches properties worth Rs. 25.20 crore in Sun Parivar Ponzi Scheme case in Hyderabad
ED's investigation revealed that Methuku Ravinder and his associates operated various schemes to dupe investors by promising returns of up to 100 percent per year on investments
- City News
Anusha Puppala- Updated On:8 April 2024 3:59 PM GMT
HYDERABAD: The Enforcement Directorate (ED), Hyderabad Zonal Office, has attached various immovable properties worth approximately Rs. 8.99 Crore and movable properties worth around Rs. 16.20 crore, including bank balances and shares, belonging to Methuku Ravinder, his family members, close aides, and associates.
This attachment totals to Rs. 25.20 crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in the Sun Parivar Ponzi Scheme case.
The investigation by the ED was initiated based on various FIRs registered by the Telangana police under various sections of the IPC and the Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999 (APPDFEA) against Methuku Ravinder and his close associates. They were accused of cheating the general public and gullible investors by promising high returns on investments made in Sun Pariwar Group of companies and Sun Mutually Aided Thrift and Credit Co-operative Society Limited.
Methuku Ravinder and his associates allegedly defrauded more than 10,000 people, collecting around Rs. 158 Crore, which constitutes the proceeds of crime in this case.
ED's investigation revealed that Methuku Ravinder and his associates operated various schemes to dupe investors by promising returns of up to 100 percent per year on investments. They established several companies under the umbrella of Sun Pariwar Group of companies, including Methuku Chit Fund Pvt. Ltd, Methuku Ventures Ltd., Metsun Nidhi Ltd., Methuku Herbal Limited, Methuku Medical and Herbal Foundation, etc.
The funds collected were allegedly siphoned off to purchase various movable and immovable properties in the names of Methuku Ravinder, his family members, and associates.
Furthermore, the investigation uncovered that after Methuku Ravinder was released on bail in the Telangana Police case, he established new entities such as Pudami Agro Farm Lands, Pudami Infra Projects (India) Ltd., and Divine Infra Developers in the names of his close associates. They then allegedly launched new Ponzi schemes, using the collected funds to acquire properties.
During the investigation, various movable and immovable properties were identified and provisionally attached under the provisions of the PMLA, 2002.
Further investigation is underway
