Hyderabad: The Enforcement Directorate (ED), Hyderabad, has filed a prosecution complaint under the Prevention of Money Laundering Act (PMLA) against Sun Pariwar Vupadi Management Pvt Ltd. The special PMLA court of the metropolitan sessions judge, Rangareddy, took cognisance of the complaint on Dec 10.The ED initiated the investigation based on multiple FIRs registered by the Telangana police against Sun Pariwar group, its promoter Methuku Ravinder, and his close associates for allegedly cheating the public and investors by promising high returns on investments through Sun Pariwar Group companies and Sun Mutually Aided Thrift and Credit Co-operative Society Limited.Investigators found that Ravinder and his associates collected around Rs 158 crore from more than 10,000 people, which was later classified as proceeds of crime.According to the ED, the accused floated several schemes offering returns of up to 100% per annum to lure gullible investors. To carry out the fraud, they floated multiple companies under the Sun Pariwar Group, including Methuku Chit Fund Pvt Ltd, Methuku Ventures Ltd, Metsun Nidhi Ltd, Methuku Herbal Ltd, and Methuku Medical and Herbal Foundation.The agency said the collected funds were siphoned off to acquire movable and immovable properties in the names of Ravinder and his associates.Further investigation revealed that Ravinder also set up additional 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 entities, he allegedly launched fresh Ponzi schemes, collected funds from investors by promising high returns, and diverted the money to purchase properties.Earlier, the ED had attached movable and immovable properties worth Rs 25.2 crore belonging to Ravinder, his family members, and close aides. Further investigation is under way.
