Jabalpur, August 27: Madhya Pradesh Police has stepped up efforts to bring back Sameer Agarwal, the alleged mastermind of a ₹11,000 crore chit-fund and investment fraud case spanning 17 states. Police are exploring legal avenues for his extradition from abroad.
According to investigating agencies, a ₹50,000 reward has been announced for information leading to his arrest, while a lookout notice has also been issued against him. Agarwal is accused of operating an alleged investment fraud network through the Saga Group and collecting large sums from investors.
Madhya Pradesh Police Steps Up Search for Sameer Agarwal
Investigators have identified Agarwal as the alleged mastermind of the Saga Group, which is at the centre of the ₹11,000 crore investment and chit-fund fraud investigation.
His alleged presence abroad has complicated efforts to arrest him, prompting Madhya Pradesh Police to explore the legal process for bringing him back to India.
The investigation is also examining the companies, bank accounts, properties and individuals allegedly connected to the network.
From Matka Betting to Investment Business
According to the investigation, Agarwal originally belonged to a village in Madhya Pradesh’s Morena district and later moved to Indore with his father.
Investigators allege that his criminal career began with the Mumbai matka betting business. He subsequently entered the property business before launching Andwajet Trade Com in 2009.
Investigators allege that the company marked the beginning of his activities involving the collection of money from people in the name of investments.
Saga Group Companies Under Fraud Investigation
Around three years later, in 2012, Agarwal established another company, Option One Industries.
Investigating agencies allege that several companies were subsequently created under different names and used to attract investors with promises of lucrative returns.
Over time, the alleged network expanded beyond Madhya Pradesh into several other states, with agencies now examining the structure and operations of the companies involved.
Alleged 10-Company Network Spread Across 17 States
According to the investigation, Agarwal’s network comprised around 10 chit-fund companies that conducted investment-related activities across Madhya Pradesh and 16 other states.
Agencies are examining the financial records of these companies, their bank accounts and the manner in which money collected from investors was allegedly utilised.
The interstate spread of the alleged network has made tracing the complete financial trail a key part of the investigation.
₹30 Crore Assets Seized in ED Searches
The investigation has also seen action by central agencies.
The Enforcement Directorate conducted searches between August 13 and 16 at premises linked to the Saga Group in Bhopal and Mumbai. During the searches, the agency seized shares, cash and jewellery valued at more than ₹30 crore.
Investigators are examining the source of these assets and their alleged links to the investment fraud.
Sameer Agarwal Allegedly Holds Three-Country Citizenship
Investigators have also claimed that Sameer Agarwal holds citizenship of three countries, including the United Arab Emirates and Saint Kitts and Nevis.
His alleged presence abroad has created an additional challenge for agencies seeking his arrest and return to India.
Madhya Pradesh Police is therefore preparing to pursue the extradition process through the appropriate legal channels.
Properties Linked to Agarwal and Associates Under Scanner
Properties allegedly linked to Agarwal and people associated with him are also under investigation.
Agencies have reportedly traced land records on the Bhopal-Ayodhya bypass and along the Raisen-Bhopal Road.
Information has also emerged about alleged farmhouses, luxury residences and hotels worth crores of rupees in Indore, Jhansi, Lalitpur and Tikamgarh.
Properties registered in the names of his driver, domestic employees and wife, Preeti, are also being examined as investigators attempt to determine their source of funding and possible connection with the alleged network.
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Prof Triveni Singh Explains Importance of Money Trail
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said investigations into large investment and chit-fund frauds cannot rely solely on company documents and registration records.
The movement of money collected from investors, transactions between bank accounts, acquisition of assets and links between members of the network must be examined together.
According to him, when a suspected network operates through multiple companies and financial accounts across several states, reconstructing the complete money trail becomes one of the most important aspects of the investigation.
Agencies Trace Money Through Multiple Companies
Investigating agencies are now trying to establish how money allegedly collected from investors was transferred through different companies and bank accounts.
The role of agents, companies and other individuals operating across various states is also being examined.
Agencies are further investigating whether the seized assets and financial resources were acquired using proceeds allegedly generated through the fraud.
Extradition Bid Becomes Key to ₹11,000 Crore Fraud Probe
The arrest of Sameer Agarwal is now considered crucial to the wider investigation.
If he is brought back to India, questioning could provide investigators with information about the formation of the companies, money collected from investors, bank accounts, assets and other individuals allegedly connected with the network.
For now, Madhya Pradesh Police and central agencies are focused on securing his return from abroad and establishing the complete financial trail of the alleged ₹11,000 crore investment and chit-fund network.
About the author — Ananya Aradhya writes on cybercrime, fraud, scams, cybersecurity, digital safety, and emerging threats. Her work also covers major criminal cases, financial frauds, consumer scams, and stories that highlight risks affecting people in the real and digital world.
