HYDERABAD: The Enforcement Directorate’s Hyderabad Zonal Unit has filed a prosecution complaint under the Prevention of Money Laundering Act against M/s Sun Pariwar Vupadi Management before the Special PMLA Court of the Metropolitan Sessions Judge, Rangareddy. The court took cognisance of the complaint on December 10.
The investigation was initiated based on FIRs registered by the Telangana police against M/s Sun Pariwar, Methuku Ravinder and his associates for allegedly cheating the public by promising high returns on investments.
According to the ED, Methuku Ravinder and his associates collected around Rs 158 crore from over 10,000 investors. The agency stated that the funds constituted proceeds of crime.
The ED said the accused floated several companies under the Sun Pariwar Group, including Methuku Chit Fund, Methuku Ventures, Metsun Nidhi, Methuku Herbal and Methuku Medical and Herbal Foundation, offering returns of up to 100% a year. The money was allegedly diverted to acquire movable and immovable properties in the names of the accused and their associates.
The investigation further revealed that new entities were created to launch fresh schemes and collect more funds. The ED had earlier attached properties worth Rs 25.2 crore linked to Methuku Ravinder, his family and associates.