ED Seizes Assets Worth ₹37 Crore In SAGA Group Ponzi Scam; Raids Mumbai, Bhopal
Bhopal (Madhya Pradesh): The Directorate of Enforcement New Delhi has carried out search operations under the provisions of the Prevention of Money Laundering Act at multiple residential and business premises linked to Sameer Agarwal and his associates across Mumbai and Bhopal. The raids were conducted in connection to the SAGA Group Ponzi scam, involving Loni Urban Multi-State Credit & Thrift…
The Directorate of Enforcement (ED) has conducted search operations in connection with a Ponzi scam, the SAGA Group, across Mumbai and Bhopal. The raids, under the Prevention of Money Laundering Act, targeted multiple residential and business premises linked to Sameer Agarwal and his associates. They seized assets worth over ₹37 crore, including incriminating documents, listed shares, securities, mutual funds, LIC policies, bank balances, nine high-end vehicles, cash, foreign currency, and gold jewellery.
The ED also seized a key functionary, Ravi Shankar Tiwari, and filed a Prosecution Complaint before a Special Court. Sameer Agarwal, the CMD and principal controller of the group, is reportedly on the run. The scam, involving the Loni Urban Multi-State Credit & Thrift Co-operative Society (LUCC) and other affiliated co-operative societies, is alleged to have defrauded the public since 2009 through recurring deposit, fixed deposit, and monthly income schemes.
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