Hyderabad, Dec 23 The Directorate of Enforcement (ED), Hyderabad Zonal Office, has filed a charge sheet under the provisions of the Prevention of Money Laundering Act (PMLA) against Sun Pariwar Vupadi Management Pvt Ltd, an official statement said on Tuesday.
The charge sheet was filed before the Special PMLA Court of Metropolitan Sessions Judge, Rangareddy, and the court has taken cognizance of the same, the ED added.
The Central agency initiated an investigation based on various FIRs registered by the Telangana Police against Sun Pariwar, Methuku Ravinder, and his close associates 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.
According to ED, 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 are therefore the Proceeds of Crime in this case.
The 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, and for this purpose, they started various companies under the umbrella of Sun Pariwar Group of companies, viz. Methuku Chit Fund Pvt. Ltd, Methuku Ventures Ltd., Metsun Nidhi Ltd., Methuku Herbal Limited, 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.
ED investigation further revealed that Methuku Ravinder established new entities, viz. 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 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 Methuku Ravinder, his family members, his close aides, and associates.
Further investigation is underway, the ED added.
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