ED Seizes Assets Worth Over ₹30 Crore In Alleged ₹10,000-Crore SAGA Group Ponzi Scam; Searches Premises Linked To Absconding CMD Sameer Agarwal
Mumbai, August 18, 2026: The Enforcement Directorate (ED) has conducted coordinated searches at multiple residential and business premises linked to Sameer Agarwal, the alleged Chairman and Managing Director (CMD) and principal controller of the SAGA Group, and his associates in Mumbai and Bhopal in connection with an alleged Rs 10,000-crore Ponzi scam involving the Loni Urban Multi-State Credit…
The Enforcement Directorate (ED) has executed searches at various locations associated with Sameer Agarwal, the alleged Chairman and Managing Director of the SAGA Group, in connection with a major Ponzi scam. The operation, conducted under the Prevention of Money Laundering Act (PMLA), 2002, resulted in the seizure of assets worth over ₹30 crore, including shares, securities, mutual funds, LIC policies, bank balances, and cash.
Nine high-end vehicles and significant amounts of gold and silver were also seized. The investigation, which began with multiple FIRs and a CBI probe, revealed that Agarwal allegedly controlled the LUCC society and its affiliated societies, using them to mobilize funds from over 30 lakh investors across the country, with the alleged scam amounting to more than ₹10,000 crore.
Brief written by urgent.news from Free Press Journal's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
