SAGA Group Scam Spreads Across MP, ₹492 Crore Of Investors’ Money Trapped

Bhopal (Madhya Pradesh): As many as 2.10 lakh investors from Madhya Pradesh had made huge investments in the Ponzi schemes run by SAGA Group and more than Rs 492 crore of the investors is with the investment company, said officials here on Monday.

Recently, the Enforcement Directorate (ED) has seized assets worth over Rs 30 crore in the alleged Rs 10,000-crore SAGA Group Ponzi scam.

The ED searched premises linked to alleged SAGA Group CMD Sameer Agarwal and associates in Mumbai and Bhopal over an alleged Ponzi scam.

The agency said it froze assets worth over Rs 30 crore and seized nine vehicles, Rs 1.53 crore cash, foreign currency notes and precious metals during searches conducted from Aug 13 to 16.

Special director general of police (CID) Pankaj Srivastava said that the group had done the cheating with the 3.15 crore of investors in 17 states across the country.

The group people had lured the investors to give high returns, to double up the amount in short time.

He said that the kingpin of the group Sameer Agarwal is on the run and several investigation agencies like CBI, ED are investigating the case and also they are searching the suspect of the case.

The group did not get registered their societies with the state government, they got registered at national level, but they violated the by-laws set for the operations of the societies.

He added that in MP, the case has been registered against 16 operators, including Sameer Agarwal.