1 week ago
SAGA Group Ponzi Scam Leaves ₹492 Crore Trapped in MP
SAGA Group allegedly ran schemes that promised people very high returns.
Some investors were told their money could double quickly.
Officials say about 2.10 lakh people in Madhya Pradesh invested in these schemes.
More than ₹492 crore from those investors is reportedly still with the company.
The alleged scam may involve ₹10,000 crore across 17 states.
The Enforcement Directorate seized property, vehicles, cash and other valuables worth millions of rupees.
The group’s alleged leader, Sameer Agarwal, is reportedly missing.
Several agencies are investigating, and a case has been filed against 16 operators in Madhya Pradesh.
Officials said 2.10 lakh Madhya Pradesh investors put money into SAGA Group schemes.
More than ₹492 crore belonging to Madhya Pradesh investors remains with the investment company.
The alleged nationwide Ponzi scam is estimated at ₹10,000 crore and involved investors in 17 states.
The Enforcement Directorate froze assets worth over ₹30 crore and seized cash, vehicles, foreign currency and precious metals.
SAGA Group CMD Sameer Agarwal is reportedly on the run, while CBI, ED and other agencies investigate.
- Who
- SAGA Group, its CMD Sameer Agarwal and associates; officials said 2.10 lakh Madhya Pradesh investors were affected.
- What
- An alleged Ponzi scheme scam in which more than ₹492 crore of Madhya Pradesh investors’ money remains with the company.
- Where
- Madhya Pradesh, including Bhopal, and Mumbai; the alleged scheme operated across 17 states.
- When
- The Enforcement Directorate conducted searches from August 13 to 16; officials disclosed the Madhya Pradesh figures on Monday.
- Why
- Investigators allege that investors were lured with promises of high returns and quickly doubling their money.
Key facts
- Madhya Pradesh investors
- About 2.10 lakh
- Money reportedly trapped in Madhya Pradesh
- More than ₹492 crore
- Estimated scale of alleged scam
- ₹10,000 crore
- States mentioned
- 17
- Assets frozen by ED
- Over ₹30 crore
- Items seized
- Nine vehicles, ₹1.53 crore in cash, foreign currency notes and precious metals
- Madhya Pradesh accused operators
- 16, including Sameer Agarwal
Sources
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