Sun Parivar group properties set for auctioning; duped depositors hope to get money

Hyderabad: If everything goes well, the Cyberabad police will be auctioning the movable and immovable properties seized from the Sun Pariwar group. The money from the auction will be distributed among the duped depositors.

The Sun Pariwar group was the brain-child of Methuku Ravinder, a government teacher in Siddipet district. The racket was busted by the economic offences wing (EOW) of Cyberabad in 2018. In the last four years, the police have arrested 15 of its functionaries including Ravinder.

The group had lured depositors by promising 9 per cent interest per month on deposits. Those depositing Rs 1 lakh were promised Rs 2,08,000 at the end of 12 months. Ravinder used to attract customers with a slogan of ‘Kalisthe Gelustham (Together we win)’ and reportedly collected Rs 150 crore, in total, from thousands of investors.

The Cyberabad police booked them under the AP Protection of Depositors of Financial Establishments Act, 1999, (APPDFE Act, 1999). This Act has a leverage that benefits the depositors even before the court trial ends.

According to the APPDFE Act, the court has the power to transfer the 'absolute' control over the properties attached in connection with fraud cases to a 'competent authority'; in this case Cyberabad police chief V.C. Sajjanar.

In the first week of August, the Cyberabad police got directions from the court to auction the properties attached and ensured equitable distribution of the auction money among the depositors.

"We have got the green signal from the court to conduct the auction of the properties of Sun Pariwar group which they obtained using the cheated money. In the next few days, we will be holding a committee meeting with all the stakeholders and prepare a plan of action for auctioning of the properties," Sajjanar said.

The Cyberabad police attached immovable property of seven plots and movable property of six vehicles and around Rs 60 lakh in cash in the bank account. The total worth would be around Rs 50 crore.

The money acquired from the auction of properties will be distributed among the depositors who invested in Sun Pariwar group and got duped.

The Economic Offences Wing of Cyberabad Police said around 200-300 depositors would benefit. The beneficiaries would be decided after proper auditing.

"We have defended the contention that the property the accused had acquired is from the money the firm has taken from depositors. The court thus gave an order in favour of us," said Kavitha Dara, additional deputy commissioner of police, crimes, Cyberabad.

She said that, hopefully, all the depositors who got cheated will in future get their money back.