Hyderabad’s Cyberabad Police has issued orders detaining M Ravinder Chief Executive Officer, Sun Pariwar Group of Companies, under the Preventive Detention Act, reports Telangana Today.
Ravinder’s fraud began when he thought of cheating people by establishing companies like Sun Mutually Aided Thrift and Credit Co-Operative Society. He put his relatives and close friends in charge of all his companies.
Sources say Ravinder had collected a huge amount of money from people for enrolling them as members in his companies and promising huge returns on their money. He is supposed to have swindled Rs. 150 crore from the ordinary people.
There are reports that the police had earlier frozen Rs 14 crore in his banks accounts.