ED Seizes ₹30 Crore Assets In ₹10,000-Crore SAGA Group Scam

The Enforcement Directorate (ED) has seized assets worth over ₹30 crore in connection with an alleged ₹10,000-crore Ponzi scam involving the SAGA Group.

The searches were conducted at multiple premises linked to Sameer Agarwal, the alleged Chairman and Managing Director of the SAGA Group, in Mumbai and Bhopal.

The ED's money laundering probe stems from multiple FIRs registered by police authorities in Uttar Pradesh, Madhya Pradesh, and other states.

The agency has identified Agarwal as the alleged mastermind behind the scam.

According to the ED, the SAGA Group had been operating unregulated deposit schemes since 2009, promising high assured returns to investors.

The group allegedly collected over ₹10,000 crore from the public through its network of cooperative societies.

The ED has alleged that there was no genuine underlying business activity capable of generating the returns promised to investors.

The alleged fraud is estimated to have affected over 30.51 lakh investors across the country.

The searches resulted in the freezing of assets, including listed shares and securities, mutual funds, LIC policies, and bank balances.

The ED also seized nine high-end vehicles, ₹1.53 crore in cash, foreign currency worth around ₹35 lakh, and gold jewellery and silver bullion valued at ₹5.25 crore.

The SAGA Group's operations involved the use of shell companies to route funds collected from depositors.

Bank accounts for these companies were opened in Mumbai to receive and layer depositor funds.

The ED's investigation has revealed that the SAGA Group offered incentives, including cars, to attract depositors.

Investors were allegedly told that their money would double or triple within three to five years.

The alleged scam has raised concerns about the lack of regulation in the cooperative society sector.

The ED's action is seen as a step towards cracking down on such scams and protecting the interests of investors.

The case is being closely monitored by the authorities, and further action is expected in the coming days.

The ED's investigation is ongoing, and more details are likely to emerge as the probe continues.