‘Rs 158 crore from over 10,000 people’: Hyderabad ED files for prosecution against Sun Pariwar

Hyderabad: Sleuths of the Enforcement Directorate (ED), Hyderabad, have filed a Prosecution Complaint (PC) against Sun Pariwar Vupadi Management before the Special PMLA Court of Metropolitan Sessions Judge, Rangareddy.

The PC, filed under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, was taken into cognisance by the court on December 10.

Rs 158 crore collected from over 10,000 people

ED initiated the investigation based on various FIRs registered by the Telangana police against Sun Pariwar, Methuku Ravinder and his close associates.

They have been booked for cheating the general public/gullible investors in the garb of offering 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 collected around Rs 158 crore from more than 10,000 people and defrauded them. The said funds collected from investors is therefore the Proceeds of Crime (POC) in this case.

Investigation revealed investors offered returns up to 100%

The ED investigation revealed that Methuku Ravinder and his associates floated various schemes for duping gullible investors by way of offering returns of up to 100 per cent per year on investments.

They started various companies under the umbrella of Sun Pariwar Group of Companies, including Methuku Chit Fund Pvt. Ltd., Methuku Ventures Ltd., Metsun Nidhi Ltd., Methuku Herbal Ltd., and Methuku Medical and Herbal Foundation.

The collected money was siphoned off to purchase various movable and immovable properties in his name as well as in the names of his associates.

The ED investigation further revealed that Methuku Ravinder 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.

Through these firms, he launched new Ponzi schemes and lured gullible investors by offering them high returns and collected funds from them. The funds were utilised to acquire properties in the names of these entities as well.

ED had earlier attached various movable/immovable properties amounting to Rs 25.20 crore belonging to Ravinder, his family members, his close aides and associates.