The Enforcement Directorate (ED) in Hyderabad has launched a major legal offensive against a sprawling financial fraud, filing a formal prosecution complaint under the Prevention of Money Laundering Act (PMLA). The target is Sun Pariwar Vupadi Management Pvt Ltd and its promoters, accused of orchestrating a Ponzi scheme that duped thousands of investors.
Court Takes Cognizance of Massive Fraud
The special PMLA court of the metropolitan sessions judge in Rangareddy formally took cognizance of the ED's complaint on December 10. This legal action stems from an investigation triggered by multiple First Information Reports (FIRs) originally registered by the Telangana police. The police had acted against the Sun Pariwar group, its promoter Methuku Ravinder, and his close associates for allegedly cheating the public.
The core allegation is that the group lured investors by promising exceptionally high returns on their investments. These offers were made through various entities, including Sun Pariwar Group companies and the Sun Mutually Aided Thrift and Credit Co-operative Society Limited.
How the Ponzi Scheme Operated
ED investigators have uncovered a complex web of companies designed to facilitate the fraud. The probe revealed that the accused collected a staggering Rs 158 crore from more than 10,000 individuals. This vast sum has now been officially classified as "proceeds of crime" under the anti-money laundering law.
To attract gullible investors, the group floated several investment schemes that promised returns as high as 100% per annum. A network of companies under the Sun Pariwar umbrella was used to give the operation a facade of legitimacy. Key entities named in the probe include:
- Methuku Chit Fund Pvt Ltd
- Methuku Ventures Ltd
- Metsun Nidhi Ltd
- Methuku Herbal Ltd
- Methuku Medical and Herbal Foundation
The ED alleges that the funds collected from the public were not invested but were instead systematically siphoned off. The money was used to acquire movable and immovable properties registered in the names of Ravinder and his associates.
Expanding the Web of Deceit
As the investigation deepened, the ED discovered that Ravinder did not stop with the Sun Pariwar companies. He allegedly set up additional entities to continue the fraudulent schemes. These included Pudami Agro Farm Lands, Pudami Infra Projects (India) Ltd, and Divine Infra Developers, which were established in the names of his close aides.
Through these new fronts, the accused launched fresh Ponzi schemes, collected more funds from investors with promises of high returns, and diverted the money for property purchases, perpetuating the cycle of fraud.
In a prior action, the ED had already attached properties worth Rs 25.2 crore belonging to Ravinder, his family members, and his close aides. This provisional attachment was aimed at securing the proceeds of the crime. The federal agency has confirmed that its investigation into the full extent of the financial network and the misuse of funds is still ongoing.
