The ED searched premises linked to alleged SAGA Group CMD Sameer Agarwal and associates in Mumbai and Bhopal over an alleged Rs 10,000-crore Ponzi scam. The agency said it froze assets worth over Rs 30 crore and seized nine vehicles, Rs 1.53 crore cash, foreign currency and precious metals during searches conducted from August 13 to 16.

ED searches linked to SAGA Group alleged CMD Sameer Agarwal resulted in asset freezes and seizures in Mumbai and Bhopal | AI Generated Image

Mumbai, August 18, 2026: The Enforcement Directorate (ED) has conducted coordinated searches at multiple residential and business premises linked to Sameer Agarwal, the alleged Chairman and Managing Director (CMD) and principal controller of the SAGA Group, and his associates in Mumbai and Bhopal in connection with an alleged Rs 10,000-crore Ponzi scam involving the Loni Urban Multi-State Credit & Thrift Co-operative Society (LUCC) and other affiliated cooperative societies, the agency said on Tuesday.

The searches were carried out by the ED's Headquarters Unit in New Delhi between August 13 and 16 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The searches resulted in the freezing of assets worth more than Rs 30 crore, including listed shares and securities, mutual funds, LIC policies and bank balances. The agency also seized nine high-end vehicles from the premises, besides Rs 1.53 crore in cash, foreign currency worth around Rs 35 lakh, and gold jewellery and silver bullion valued at Rs 5.25 crore.

Money Laundering Probe

The ED’s money laundering probe stems from multiple FIRs registered by police authorities in Uttar Pradesh, Madhya Pradesh and other states, alongside a parallel Central Bureau of Investigation (CBI) probe into LUCC and other cooperative societies allegedly affiliated with the SAGA Group.

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The financial probe agency has identified Agarwal, a Mumbai resident, as the alleged mastermind behind LUCC’s operations. According to the agency, Mumbai was utilised to route funds collected from depositors in Uttarakhand, with bank accounts for 10 shell companies opened in the city specifically to receive and layer depositor funds.

SAGA Group Operations

The investigation has further alleged that Agarwal took control of LUCC’s management in 2016 and constituted a new board of directors, and expanded the society to over 50 branches in Uttarakhand, operating unregulated deposit schemes. Individuals identified as Sushil Kumar Gokhru, Kishanlal Udaylal Jain, and Pankaj Kushal Singh Jain allegedly opened bank accounts for the shell companies in Mumbai to facilitate the transfer of funds through multiple layered transactions.

According to the ED, the SAGA Group had, since 2009, allegedly used its network of LUCC and affiliated cooperative societies to mobilise funds from the public through recurring deposit, fixed deposit and monthly income schemes by promising high assured returns. Investors were allegedly told that their money would double or triple within three to five years. The group also allegedly offered incentives, including cars, to attract depositors.

Alleged Diversion Of Funds

The ED has alleged that there was no genuine underlying business activity capable of generating the returns promised to investors. More than Rs 10,000 crore was allegedly collected from the public through the network, the agency said, with the alleged fraud estimated to have affected more than 30.51 lakh investors across the country.

According to the ED, investors were initially provided certain payouts, while a substantial portion of the funds was allegedly siphoned off by Agarwal and his associates for personal enrichment and as payments described as market commissions to agents and other associates.

The agency has further alleged that funds collected predominantly in cash were routed through regional cash chests before being diverted towards investments in movable and immovable assets in India and abroad. The funds were allegedly layered through shell companies and hawala channels.

Shell Entity Network

The latest searches have also revealed details of an alleged network of more than 50 shell entities. According to the ED, these entities were controlled through operators identified during the course of the investigation and were allegedly used for movement and layering of funds.

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According to the ED, Agarwal has left the country and is absconding. The agency has previously provisionally attached assets in the case through two separate Provisional Attachment Orders.

The ED also arrested Ravi Shankar Tiwari, described as a key functionary of the group, on July 14 under the PMLA. A prosecution complaint was subsequently filed before the Special Court on July 24.

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