ED froze assets worth over Rs 30 crore in the SAGA Ponzi case

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SAGA Ponzi case: ED's action

Highlights

The Enforcement Directorate has frozen shares, mutual funds, bank balances, and valuables worth over Rs 30 crore in the SAGA Ponzi case.
The investigation revealed that SAGA Group and LUCC raised over Rs 10,000 crore from the public by promising fake banking structures and unrealistic returns.
ED identified a network of over 50 shell companies; Sameer Agrawal is absconding, while action is ongoing against key officials, including arrests and prosecution.

This article was translated from the original. Read the original version by our correspondent here.

Scope of Search Operations and Seizures

As stated by the Enforcement Directorate, these searches were conducted under the Prevention of Money Laundering Act, 2002 at several residential and business premises linked to Sameer Agrawal and his associates. The investigation is related to the SAGA Group Ponzi case, examining the role of Loni Urban Multi-State Credit & Thrift Co-operative Society, LUCC, and other affiliated cooperative institutions.

During the searches, the agency recovered a large number of incriminating documents and froze listed shares, securities, mutual funds, LIC policies, and bank balances worth over Rs 30 crore, treating them as proceeds of crime. Additionally, 9 high-end vehicles, Rs 1.53 crore in cash, approximately Rs 35 lakh in foreign currency, and gold jewellery and silver bullion worth Rs 5.25 crore were also seized.

Structure of Investment Fraud and Progress of Investigation

The ED's investigation began based on several FIRs registered by police in Uttar Pradesh, Madhya Pradesh, and other states, alleging that since 2009, LUCC and its associated groups fraudulently induced the public to invest in recurring deposits, fixed deposits, and monthly income schemes. The agency stated that investors were lured with promises of doubling or tripling their money in three to five years and gifts like cars, despite the absence of any real business model to support such returns.

According to the investigation, the SAGA Group raised over Rs 10,000 crore from the public through fake banking structures and unrealistic return promises. While some payments were made in the initial phase, most of the funds were siphoned off by Sameer Agrawal and his associates for personal gain, agent commissions, and investments in movable and immovable assets in India and abroad, allegedly using shell companies and hawala channels.

The searches reportedly uncovered an extensive network of over 50 shell entities, with the Directorate claiming to have identified their operators. According to the ED, Sameer Agrawal, named as CMD and chief controller of the SAGA Group, has left the country and is absconding. The agency has already issued two separate provisional attachment orders in this case, arrested key group official Ravi Shankar Tiwari on July 14, 2026, and filed a prosecution complaint in the special court on July 24, 2026; further investigation is ongoing.

Our earlier report mentioned the PMLA probe into the alleged unregulated deposit network linked to Shivam Associates in Karnataka, where it was alleged that large sums were raised from investors through unusual promises such as 3% monthly returns. That article noted that the ED had found layered fund transfers, suspicious transactions, and digital evidence, while the investigation was ongoing to trace the use of alleged crime proceeds and outstanding liabilities.

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