The Directorate of Enforcement (ED) has arrested Ravi Shankar Tiwari, also known as Ravi Tiwari, in connection with the alleged Rs 10,314-crore fraud involving Loni Urban Multi State Credit and Thrift Cooperative Society (LUCC) and other entities.
He was arrested under the Prevention of Money Laundering Act (PMLA) on July 14 and produced before the Patiala House Court in New Delhi, which remanded him to ED custody for 10 days.
The money laundering probe stems from multiple FIRs registered in Uttar Pradesh and Madhya Pradesh against LUCC, Lustiness Janhit Credit Cooperative Society Ltd. (LJCC), Option One Industries Ltd., and related entities. According to the ED, the accused lured investors with promises of high returns and allegedly misappropriated around ?10,314 crore belonging to over 30.51 lakh investors across India.
The ED said Tiwari had been associated with the SAGA Group since 2009 and played a key role in operating LUCC and LJCC under the leadership of Sameer Agrawal, who is currently based abroad.
Investigators also alleged that Tiwari and his family received substantial funds from SAGA Group entities and acquired multiple assets from the alleged proceeds of crime. Further investigation is underway.
