The Enforcement Directorate (ED) in Hyderabad has submitted a charge sheet under the Prevention of Money Laundering Act against Sun Pariwar Vupadi Management Pvt Ltd. The filing took place at the Special PMLA Court of Metropolitan Sessions Judge, Rangareddy, with the court acknowledging it. The ED’s action stemmed from multiple FIRs by the Telangana Police against Sun Pariwar, Methuku Ravinder, and associates for deceiving investors with promises of high returns.
The ED disclosed that Methuku Ravinder and his accomplices amassed over Rs 158 crore from more than 10,000 individuals through fraudulent means. These funds, obtained from investors, are considered proceeds of crime. Investigations uncovered that Methuku Ravinder and his associates devised schemes offering unrealistic returns of up to 100% annually, operating through various companies linked to Sun Pariwar Group.
The ill-gotten money was diverted towards acquiring assets, both movable and immovable, in their names and those of their associates. Further scrutiny by the ED revealed that Methuku Ravinder established new entities like M/s Pudami Agro Farm Lands and M/s Divine Infra Developers, engaging in fresh Ponzi schemes to entice unsuspecting investors with lucrative returns. The ED had previously seized assets worth Rs 25.20 crore belonging to Methuku Ravinder and his associates, with ongoing investigations.
