ED Charges Sun Pariwar Over Rs. 158 Crore Fraud
Ravinder, and his associates collected around ₹158 crore from more than 10,000 people and defrauded them, the ED said
Hyderabad: The Enforcement Directorate on Tuesday filed a chargesheet against Sun Pariwar Vupadi Management for an alleged ₹158 crore financial fraud. The agency took up the investigation on the basis of FIRs registered by the police against Sun Pariwar, Methuku Ravinder, and his close associates for cheating the general public by offering high returns on investments made in the group.
Ravinder, and his associates collected around ₹158 crore from more than 10,000 people and defrauded them, the ED said in a press release.
The ED investigation revealed that Ravinder and his associates floated various schemes for duping people by offering to double investments in a year. For this, they started various companies under the Sun Pariwar Group — 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. The ED investigation further revealed that Ravinder established new entities such as Pudami Agro Farm Lands, Pudami Infra Projects (India) and Divine Infra Developers in the names of his close associates. In the name of those companies, he launched Ponzi schemes and lured investors by offering them high returns. The funds were utilised to acquire properties in the names of these entities as well.
The ED had earlier attached various movable and immovable properties amounting to ₹25.20 crore belonging to Methuku Ravinder, his family members, his close aides and associates, further investigation is under progress, the ED said.