6 months ago
2
The Directorate of Enforcement (ED), Hyderabad filed a prosecution ailment nether the Prevention of Money Laundering Act (PMLA), 2002, against M/s Sun Pariwar Vupadi Management Pvt Ltd. The Special PMLA Court of the Metropolitan Sessions Judge, Rangareddy, took cognisance of the ailment connected December 10.
The ED initiated its probe pursuing aggregate FIRs registered by Telangana constabulary against M/s Sun Pariwar, its promoter Methuku Ravinder, and his adjacent associates for allegedly cheating investors nether the guise of offering precocious returns done Sun Pariwar Group companies and Sun Mutually Aided Thrift and Credit Co-operative Society Limited. Investigators recovered that Ravinder and his associates collected astir ₹158 crore from much than 10,000 investors, which has been classified arsenic proceeds of crime.
Investigations revealed that the accused floated respective schemes promising returns of up to 100% per annum. Various companies nether the Sun Pariwar umbrella, including Methuku Chit Fund Pvt. Ltd, Methuku Ventures Ltd, Metsun Nidhi Ltd, Methuku Herbal Limited, and Methuku Medical and Herbal Foundation, were utilized to cod funds, which were past siphoned disconnected to get movable and immovable assets successful the names of Ravinder and his associates.
Further, ED recovered that Ravinder established further entities, including M/s Pudami Agro Farm Lands, M/s Pudami Infra Projects (India) Ltd, and M/s Divine Infra Developers, nether the names of adjacent associates, and launched caller ponzi schemes to proceed luring investors. The proceeds from these schemes were besides allegedly channelled into acquiring assets successful the names of these entities.
Earlier, the ED had attached movable and immovable properties worthy ₹25.2 crore belonging to Ravinder, his household members and adjacent aides. Further probe is nether way.
