SAGA group Ponzi scam: ED freezes ₹30 crore listed shares, securities linked to Sameer Agarwal & associates

The Enforcement Directorate (ED) has conducted a four-day search operation in connection with the SAGA group Ponzi scam, leading to the freezing of assets valued at over ₹30 crore. The seized assets comprise listed shares, securities, mutual funds, LIC policies, bank balances, and nine luxury vehicles. The ED raided various residential and business locations associated with Sameer Agarwal and his associates in Mumbai and Bhopal.

The investigation targets the Loni Urban Multi-State Credit and Thrift Co-operative Society (LUCC) and other affiliated co-operative societies. The ED seized cash, foreign currency, and gold jewelry during the search. The agency initiated the investigation based on numerous First Information Reports (FIRs) lodged by police authorities in Uttar Pradesh, Madhya Pradesh, and other states, alleging fraudulent inducement of people to invest in recurring deposit, fixed deposit, and monthly income schemes promoted by the SAGA group since 2009.

The ED claims that the public was promised unrealistically high returns, amounts that would double or triple within three to five years, along with gifts like cars, without any legitimate business activity supporting such returns. The SAGA group allegedly defrauded over ₹10,000 crore from the public using fake banking infrastructure and unrealistic return promises.

A significant portion of the investments was misappropriated by Sameer Agarwal and his associates for personal gain and market commissions. The ED revealed a complex network of over 50 shell entities controlled by SAGA Group operators. Sameer Agarwal, the CMD and principal controller of the SAGA Group, has fled the country. The ED has already provisionally attached assets in two separate Provisional Attachment Orders, arrested a key group member, Ravi Shankar Tiwari, on July 14, and filed a prosecution complaint before a Special Court on July 24.