2 weeks ago
ED Freezes Assets in Alleged ₹10,000-Crore SAGA Group Ponzi Scam
Some people tricked many others out of their hard-earned money.
They worked for a group called SAGA.
They promised that money given to them would double or triple within a few years.
But there was no real business behind the promise, so it was a trick.
Over 30 lakh people gave their savings, adding up to more than 10,000 crore rupees.
Investigators from the ED searched the homes and offices of the group's leader and his friends.
They found cars, cash, gold and silver, and took them away.
The leader ran away to another country and is being looked for.
Some of his helpers have already been arrested.
The Enforcement Directorate searched premises linked to alleged SAGA Group CMD Sameer Agarwal and his associates in Mumbai and Bhopal between August 13 and 16 under the PMLA.
Assets worth over ₹30 crore, including listed shares, mutual funds, LIC policies and bank balances, were frozen during the searches.
Seized items included nine high-end vehicles, ₹1.53 crore in cash, foreign currency worth about ₹35 lakh and gold and silver valued at ₹5.25 crore.
The probe covers an alleged Ponzi scam in which over ₹10,000 crore was collected from more than 30.51 lakh investors through LUCC and affiliated cooperative societies.
Sameer Agarwal is absconding and has left the country, while key functionary Ravi Shankar Tiwari was arrested on July 14 under the PMLA.
- Who
- The Enforcement Directorate (ED), investigating Sameer Agarwal, the alleged Chairman and Managing Director of the SAGA Group, and his associates.
- What
- Searches leading to the freezing of assets worth over ₹30 crore and seizure of cash, vehicles and bullion in an alleged ₹10,000-crore Ponzi scam involving LUCC and affiliated cooperative societies.
- Where
- Residential and business premises in Mumbai and Bhopal, linked to a scheme that collected funds from depositors in Uttarakhand and drew FIRs from Uttar Pradesh, Madhya Pradesh and other states.
- When
- Searches were conducted between August 13 and 16, 2026, with the report published on August 18, 2026.
- Why
- The ED alleges the SAGA Group ran unregulated deposit schemes promising high returns and diverted more than ₹10,000 crore from over 30.51 lakh investors through shell companies and hawala channels.
Key facts
- Investigating agency
- Enforcement Directorate (ED)
- Alleged mastermind
- Sameer Agarwal, alleged CMD of SAGA Group (absconding)
- Alleged scam size
- Over ₹10,000 crore
- Investors affected
- More than 30.51 lakh
- Assets frozen
- Over ₹30 crore (shares, mutual funds, LIC policies, bank balances)
- Goods seized
- 9 vehicles, ₹1.53 crore cash, foreign currency ~₹35 lakh, gold/silver worth ₹5.25 crore
- Legal framework
- Prevention of Money Laundering Act (PMLA), 2002
- Prior arrests
- Ravi Shankar Tiwari arrested July 14; prosecution complaint filed July 24
Sources
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