How Sun Pariwar Group cheated 10,000 investors, ED seized Rs 25 Cr worth assets
Ravinder and his associates floated various schemes to dupe investors by offering returns of up to 100 per cent per year on investments
By Coreena Suares Published on 8 April 2024 12:08 PM GMT
Hyderabad: The sleuths of the Endorsement Directorate in Hyderabad seized properties worth Rs 25 crores of the Sun Pariwar Group of Companies for cheating investors.
According to case details, the founder Methuku Ravinder and his associates cheated the general public/gullible investors in the garb of offering high returns on investments in the Sun Pariwar Group of companies and Sun Mutually Aided Thrift and Credit Co-operative Society Limited. Ravinder and his associates cheated and defrauded more than 10,000 people and collected around Rs 158 crores from them, the investigation revealed.
Accused opened multiple fronts
Ravinder and his associates floated various schemes to dupe investors by offering returns of up to 100 per cent per year on investments. For this purpose, they started several companies under the umbrella of Sun Pariwar Group of Companies viz Methuku Chit Fund Pvt Ltd, Methuku Ventures Ltd, Metsun Nidhi Ltd, Methuku Herbal Ltd, Methuku Medical and Herbal Foundation, etc.
The collected money was siphoned to purchase various movable and immovable properties in the name of Methuku Ravinder and his family members and associates. It didn’t stop there. He even set up Pudami Agro Farm Lands, Pudami Infra Projects (India) Ltd, and Divine Infra Developers in the names of his close associates and launched new ponzi schemes where the collected funds were used to acquire properties.
The ED seized the properties worth Rs 8.99 crores (approx) and movable properties worth Rs 16.20 crores (approx) in the form of bank balances and shares belonging to Methuku Ravinder, his family members, close aides and associates, totalling Rs 25.20 crores under the PMLA.
