The Enforcement Directorate (ED) has intensified its crackdown on the alleged Rs 10,000-crore SAGA Group ponzi scam involving the Loni Urban Multi-State Credit & Thrift Co-operative Society (LUCC) and several affiliated cooperative societies.
The agency conducted search operations between August 13 and 16 across multiple locations in Mumbai and Bhopal linked to SAGA Group promoter Sameer Agrawal and his associates.
According to the ED, assets worth more than Rs 30 crore, including listed shares, securities, mutual funds, LIC policies and bank deposits, have been frozen. The agency also seized Rs 1.53 crore in cash, foreign currency worth about Rs 35 lakh, gold jewellery and silver bullion valued at Rs 5.25 crore, besides nine luxury vehicles.
Investigators allege that the group collected over Rs 10,000 crore from investors by offering unusually high returns through recurring deposits, fixed deposits and monthly income schemes.
The ED said the money was diverted through shell companies and hawala channels. More than 50 shell entities linked to the operation have been identified. Sameer Agrawal is currently absconding, while investigations are continuing.
