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 Co-operative Society (LUCC) and other affiliated co-operative societies.

During the course of the search operation, ED has seized a large amount of incriminating documents and also frozen proceeds of crime consisting of more than Rs 30 crore worth of listed shares and securities, mutual funds, LIC policies, bank balances etc. and nine high-end vehicles.

Moreover, the ED has also seized cash amounting to Rs 1.53 crore, foreign currency amounting to about Rs 35 lakh and gold jewellery and silver bullion worth Rs 5.25 crore during the search proceedings.

ED had initiated an investigation based on multiple FIRs registered by police authorities in Uttar Pradesh, Madhya Pradesh and other states against LUCC and its affiliated group alleging that since 2009, the public was fraudulently induced to invest in recurring deposit, fixed deposit and monthly income schemes promoted by Sameer.

Sameer on run

Search investigations have revealed an elaborate network of more than 50 such shell entities controlled by operators identified by the Directorate.

Sameer Agrawal, described as the CMD and principal controller of the group, had left the country and is absconding.

Assets attached, key functionary arrested

The ED has already made provisional attachment of assets in the matter under two separate Provisional Attachment Orders, arrested a key functionary of the group, Ravi Shankar Tiwari, on July 14, 2026, and filed a Prosecution Complaint before the Special Court on July 24, 2026.