Hyderabad: The Directorate of Enforcement (ED) has attached various immovable properties worth Rs. 8.99 crore and movable properties worth Rs. 16.20 crore in the form of bank balances and shares belonging to Methuku Ravinder, his family members, close aides and associates under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in the Sun Parivar Ponzi Scheme case.
The ED initiated investigation on the basis of various First Information Reports (FIR) registered by the Telangana Police under various sections of IPC and Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999 (APPDFEA) against Methuku Ravinder and his close associates for cheating the general public 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.
According to the police, Methuku Ravinder and his associates cheated and defrauded more than 10,000 people and collected around Rs. 158 crore from them which are the proceeds of crime in this case.
ED investigations have also revealed that Methuku Ravinder and his associates floated various schemes for duping investors by offering returns of up to 100 percent per year on investments.
For that, Methuku Ravinder started several companies under the Sun Pariwar Group of companies like Methuku Chit Fund Pvt. Ltd, Methuku Ventures Ltd., Metsun Nidhi Ltd., Methuku Herbal Limited, and Methuku Medical and Herbal Foundation, etc, said ED officials.
Further, the collected money was siphoned-off to purchase various movable and immovable properties in the name of Methuku Ravinder and his family members and associates.
ED investigations also revealed that after Methuku Ravinder was released on bail in a police case, he established new entities called M/s Pudami Agro Farm Lands, M/s Pudami Infra Projects (India) Ltd., and M/s Divine Infra Developers in the names of his close associates, again launching new Ponzi schemes.
The funds collected by Methuku Ravinder and his associates were utilised to acquire properties, the ED officials added. During the course of investigation, various movable/immovable properties were identified and the same have been provisionally attached under the provisions of PMLA, 2002.
Further investigation is under progress.
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