The alleged mastermind of a multi-state Ponzi scam involving more than ₹11,000 crore across India is believed to be hiding in the Caribbean nation of Saint Kitts and Nevis, while Madhya Pradesh Police are preparing to seek his extradition. The accused, Sameer Agarwal, is alleged to have duped investors of more than ₹500 crore in Madhya Pradesh alone.
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How did the alleged investment fraud begin?
Agarwal, originally from a village in Morena district, reportedly moved to Indore with his father and began his career in Mumbai’s betting market before entering the property business.
He allegedly entered the investment business in 2009 by setting up Endvazet Trade, followed by Option One Industries in 2012.
According to CID sources cited in the report, Agarwal was a director in the initial companies but later kept his name out of the management of firms he floated. Investigators allege this was done to distance himself from their operations and avoid legal consequences.
The network was subsequently expanded through around 10 chit fund companies operating under the Saga Group, which allegedly operated across 17 states.
Where is Sameer Agarwal believed to be hiding?
Agarwal first moved to Dubai around 2019-20 and later shifted to Saint Kitts and Nevis, where he is currently believed to be staying.
Investigators have found that he holds citizenship of the UAE and Saint Kitts and Nevis, in addition to Indian citizenship, according to the report.
Madhya Pradesh Police are now preparing to seek his extradition from Saint Kitts and Nevis, officially known as the Federation of Saint Christopher and Nevis.
What properties have investigators traced?
The investigation has traced properties allegedly linked to Agarwal in Bhopal, Raisen, Indore, Jhansi, Lalitpur and Tikamgarh.
These include farmhouses, houses and a hotel. Several of the properties are allegedly registered in the names of his wife, driver and employees.
The alleged use of properties and multiple companies is being examined as investigators probe the wider financial network connected with the case.
Which agencies are investigating the case?
The case is being investigated by the CID, while the Central Bureau of Investigation and the Enforcement Directorate are also probing the wider network.
The Enforcement Directorate recently conducted searches at locations linked to the group in Bhopal and Mumbai. According to sources cited in the report, shares, cash and jewellery worth more than ₹30 crore were seized during the searches.
The investigation into the alleged Ponzi network and efforts to bring Agarwal back to India are continuing.
About the author — Ayesha Aayat writes on cybercrime, digital safety, and emerging online threats. Her work focuses on public awareness, legal clarity, and technology-driven risks.
