New Delhi: The Enforcement Directorate (ED) has arrested Ravi Shankar Tiwari alias Ravi Tiwari under the Prevention of Money Laundering Act (PMLA), 2002, in connection with an alleged ₹10,314 crore multi-state investment fraud. He was taken into custody on July 14, 2026, and produced before the Patiala House Court in New Delhi on July 15, where the court remanded him to 10 days of ED custody.
The ED initiated its investigation based on multiple FIRs registered in Lalitpur (Uttar Pradesh) and Tikamgarh (Madhya Pradesh), along with cases filed in several other states. The investigation concerns Loni Urban Multi State Credit and Thrift Cooperative Society (LUCC), Lustiness Janhit Credit Cooperative Society Limited (LJCC), Option One Industries Limited, and their associates. According to the agency, these entities allegedly lured investors into deposit schemes by promising unusually high returns before misappropriating the invested funds.
The ED stated that the case involves the alleged cheating and misappropriation of approximately ₹10,314 crore belonging to more than 3.051 million (30.51 lakh) investors across India. Multiple criminal cases involving cheating, criminal breach of trust, and other offences have been registered against the entities and their associates in different states.
According to the investigation, Ravi Shankar Tiwari had been associated with the SAGA Group network, led by Sameer Agrawal, since 2009 as a senior functionary. The ED alleges that he served as a team leader for Advantage Tradecom India Private Limited, Option One Industries Limited, LUCC, and several other SAGA Group entities, and actively assisted the group’s overseas-based promoter in operating LUCC and LJCC.
The agency stated that statements recorded under Section 50 of the PMLA indicate Tiwari’s alleged involvement in the activities of the SAGA Group. Investigators further claimed that substantial funds from SAGA Group entities were deposited into bank accounts belonging to Tiwari and his family members, for which he allegedly failed to provide a satisfactory explanation.
The ED also alleged that Tiwari had interests in multiple business entities that were used to receive, route, and withdraw the alleged proceeds of crime. According to the agency, he also acquired several residential and commercial properties in his own name and in the names of his family members using funds suspected to be derived from criminal activities.
The agency added that it had previously attached several immovable properties believed to have been purchased using the alleged proceeds of crime. The investigation is continuing to trace financial transactions, identify beneficiaries and associates, and examine the role of additional entities linked to the suspected money laundering network.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said that large-scale investment frauds of this nature often rely on shell companies, layered financial transactions, and complex money-routing mechanisms to conceal illicit funds. He emphasized that effective prevention requires robust financial intelligence, timely regulatory intervention, advanced digital transaction analysis, and close coordination among investigative agencies across multiple jurisdictions.
