The Enforcement Directorate has seized assets worth ₹6 crore and frozen ₹30 crore in funds linked to an alleged ₹10,000 crore Ponzi scheme. The investigation involves the SAGA Group and the Loni Urban Multi-State Credit & Thrift Co-operative Society, which reportedly lured investors with promises of unrealistic returns. The group's CMD, Sameer Agarwal, is reported to be absconding.
The Enforcement Directorate (ED) has intensified its crackdown on an alleged multi-crore financial fraud linked to the SAGA Group. Between August 13 and August 16, 2026, the agency conducted search operations at multiple locations in Mumbai and Bhopal, targeting individuals and entities connected to the Loni Urban Multi-State Credit & Thrift Co-operative Society (LUCC).
During these raids, the agency seized assets worth over ₹6 crore. This includes ₹1.53 crore in cash, foreign currency valued at ₹35 lakh, and precious metals, including gold jewellery and silver bullion, worth ₹5.25 crore. Additionally, nine luxury vehicles were impounded. Beyond physical seizures, the ED has frozen over ₹30 crore in financial assets, such as listed shares, mutual funds, and bank balances, which the agency claims are proceeds of the alleged crime.
The investigation centres on a scheme that allegedly collected over ₹10,000 crore from the public. The SAGA Group is accused of operating through various cooperative entities like the LUCC, luring investors with promises of doubling or tripling their money within a few years through recurring deposits, fixed deposits, and monthly income plans. The ED alleges that these funds were siphoned off for personal use, paid out as commissions to agents, or laundered through a web of shell companies and hawala networks.
This regulatory action follows a series of developments in the case. A key associate, Ravi Shankar Tiwari, was arrested by the ED on July 14 under the Prevention of Money Laundering Act (PMLA). A formal prosecution complaint was filed on July 24. Meanwhile, Sameer Agarwal, the CMD of the SAGA Group, is identified as the primary controller of the operation and is currently reported to be absconding.
The case highlights the persistent risks associated with schemes promising guaranteed, high-interest returns that appear detached from market realities. For investors, this serves as a reminder to verify the registration and regulatory standing of any cooperative society or financial entity before committing savings, especially those operating through cash-based models or offering incentives like vehicles alongside financial returns. The ED continues to probe a network of over 50 shell entities believed to be involved in the money trail.