PD Act invoked against company CEO

Hyderabad: Cyberabad Police Commissioner V C Sajjanar on Thursday invoked PD Act against the Sun Parivar group of companies' CEO M Ravinder (42) on Thursday.

The accused along with his company partners on the name of multi-level marketing, direct selling marketing and by establishing co-operative societies and 'Sun Mutually Aided Thrift and Credit Co-operative Society Limted and other companies, had collected huge deposits from innocent people and purchased many immovable properties in their names.

To earn easy money, in less time he also started Sun Parivar Vupadi Management Private Limited, Methuku Ventures Private Limited, Methuku Medical and Health Foundation Limited, Metsun Nidhi Limited and 'Methuku Herbals Limited and appointed his relatives and close friends as its directors.

With the collected money from innocent people they purchased many immovable properties in Sangareddy, Medchal and Rangareddy districts.

They used to conduct seminars at resorts and gardens and other places and secured huge deposits from the public luring them with high returns on their deposits under different schemes.

Thus they cheated thousands of innocent unemployed youth, housewives, peasants, retired employees and other section of people across the State and duped them by siphoning off the deposits and failed to repay the commission.

According to police they cheated more than 14,000 innocent people to the tune of Rs 150 crore. The accused was arrested on December 13, 2018 and Rs 1.49 crore cash, immovable properties and company documents were seized from his possession.

Police also froze Rs 14 crore deposits in various bank accounts of the accused and his companies.