Officials from the Enforcement Directorate (ED), Hyderabad Zonal Office have attached properties worth ₹25.2 crore belonging to Methuku Ravinder, his family members, close aides and associates in the Sun Parivar ponzi scheme case. Methuku Ravinder and his associates cheated and defrauded more than 10,000 people and collected around ₹158 crore from them which are the proceeds of crime in this case, said an official release.
Officials said the amount included various immovable properties worth approximately ₹8.99 crore, movable properties worth around ₹16.2 crore in the form of bank balances and shares belonging to Methuku Ravinder and others.
The ED initiated a probe on the basis of various FIRs registered by the Telangana police under various sections of IPC and Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999 (APPDFEA) against Methuku Ravinder and his close associates. They were booked for cheating the general public/gullible investors in the garb of offering high returns on investments made in ‘Sun Pariwar Group’ of companies, ‘Sun Mutually Aided Thrift’ and ‘Credit Cooperative Society Limited’.
