ED Action in Ponzi Sceme Case: 210 immovable properties of Methari Plantation and Horticulture Private Limited and its associate companies of Andhra Pradesh, who cheated the common people through Ponzi scheme, have been arrested by the Enforcement Directorate (ED) under the Money Laundering Act (Money). Laundering Act). The market value of these properties has been stated to be Rs 110 crore. Out of the seized properties, 196 properties have been reported in Andhra Pradesh, 13 properties in Telangana and one property in Karnataka. These properties include land plots and flats etc.
A top Enforcement Directorate official said that the attached properties were in the name of Methari, besides its associate companies Shree Nakshatra Builders and Developers India Pvt Ltd, Methari Relators India Pvt Ltd and its directors Lakku Konda Reddy L M Reddy Lakku Madhava Reddy and K Brahma Reddy. on is stated. The ED had started the investigation on the basis of 12 FIRs registered by the Andhra Pradesh Police.
Showed dreams of giving plot by depositing money
According to the ED, during the investigation of this case, it was found that these companies had started collecting money from common people in the name of various schemes without any statutory permission. It is alleged that in lieu of depositing money, people were shown tempting dreams of giving plots etc. In this case, the accused had worked with their entire team who used to motivate the common people to deposit money. According to the allegation, people were assured that a very attractive amount would be returned to them when their time was over after depositing the money.
288 crores collected
According to the allegation, in this way, these people collected more than 288 crore rupees (288 crore rupees) from the common people. According to the allegation, this money was transferred by the accused to other companies. Through this money, the accused bought land at different places in different states and personally took advantage. It is alleged that out of the money collected, he failed to give Rs 158 crore to the common investors. In this case, it was the investors who had lodged their complaints with the Andhra Pradesh Police, on the basis of which the case was registered. The inspection of the matter is going on.