The Aryavarth Express
Agency(Hyderabad): The Enforcement Directorate (ED), operating out of the Hyderabad Zonal Office, has announced the provisional attachment of assets totaling Rs. 25.20 crore linked to Methuku Ravinder, his family, and associates. This action is part of ongoing investigations under the Prevention of Money Laundering Act (PMLA), 2002, concerning the Sun Parivar Ponzi scheme.
This financial crackdown involves the seizure of immovable properties valued at approximately Rs. 8.99 crore and movable properties, including bank balances and shares, worth about Rs. 16.20 crore. These steps follow a series of FIRs lodged by the Telangana Police, implicating Ravinder and his close associates in a large-scale fraud under various sections of the IPC and the Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999 (APPDFEA).
The Sun Parivar case revolves around deceitful schemes promising up to 100% annual returns through investments in multiple companies under the Sun Parivar Group, including Methuku Chit Fund Pvt. Ltd, Methuku Ventures Ltd., and others. Authorities claim that Ravinder and his group deceived over 10,000 individuals, amassing about Rs. 158 crore, which are considered proceeds of the crime.
Investigations have further disclosed that following his release on bail, Ravinder continued his fraudulent activities, setting up new entities and launching additional Ponzi schemes to launder the illicit funds for property acquisitions.
The ED’s current actions represent a significant development in the investigation, aiming to dismantle the financial network underpinning this large-scale fraud. The agency has reiterated that their investigations are ongoing, indicating further updates and potential recoveries in the future.
