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Mumbai The Enforcement Directorate (ED) has intensified its investigation into the much-discussed LUCC ponzi scheme scam worth over ₹10,000 crore. Taking action under the Prevention of Money Laundering Act, the Central Investigation Agency has frozen and seized properties worth more than ₹30 crore of the accused. This action has been taken after intensive raids on SAGA Group promoter Sameer Aggarwal, his family members and key associates at various places in Mumbai and Bhopal.

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Details of seizures in the raid

Unaccounted property and documents have been recovered during the ED searches. Financial assets totaling more than ₹30 crore, including deposits in various banks, listed shares, mutual funds and LIC policies, have been frozen. Also, Indian cash worth ₹ 1.53 crore and foreign currency worth about ₹ 35 lakh have been seized from the premises of the accused. Apart from this, gold and silver jewellery, precious gems and gold biscuits worth more than ₹ 5.25 crore have also been recovered in this raid. Not only this, the agency has also taken possession of 9 expensive luxury cars from the fleet of the accused.

What is LUCC Scam?

According to the information received, this entire matter is to an alleged Ponzi (Chit fund) scheme run by 'Loni Urban Multi-State Credit and Thrift Co-operative Society' and Saga Group. It is alleged that since 2009, this group lured common people across the country by offering unusually high returns on Fixed Deposit (FD) and Recurring Deposit (RD). According to the investigation, more than ₹10,000 crore was raised from about 30.51 lakh investors without any legitimate business activities and was later siphoned off. Also this money was diverted through various shell companies and hawala network.

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Investigation and current status

Many FIRs were registered by the police and CBI in different states of the country regarding this scam, on the basis of which ED registered a case of money laundering. However, Sameer Aggarwal, the main mastermind of this case and CMD of Saga Group, is currently absconding after leaving the country. At the same time, one of his key associates, Ravi Shankar Tiwari, has already been arrested. ED officials say that after examining the seized digital devices and documents, some more major arrests may be made in this case.