The Enforcement Directorate (ED) has apprehended Ravi Shankar Tiwari, also known as Ravi Tiwari, under the Prevention of Money Laundering Act (PMLA) concerning the ongoing probe into the Loni Urban Multi State Credit and Thrift Cooperative Society (LUCC) case. Tiwari was taken into custody on July 14 and presented before the Court of the Additional Sessions Judge-07 at Patiala House Courts in New Delhi on July 15, where he was remanded to ED custody for 10 days.
The ED’s inquiry was triggered by multiple FIRs filed in Lalitpur, Uttar Pradesh, and Tikamgarh, Madhya Pradesh, against LUCC, Lustiness Janhit Credit Cooperative Society Limited (LJCC), and Option One Industries Limited. These organizations are accused of enticing the public to invest in deposit schemes with promises of high returns and then allegedly diverting the funds. Various FIRs have been lodged against the companies and their associates in different states nationwide.
Allegations in the case involve fraud, criminal breach of trust, and misappropriation of investors’ funds totaling around Rs 10,314 crore. The scam is believed to have impacted over 30.51 lakh investors through the entities’ activities across India, as per the ED.
Investigations by the ED unveiled Tiwari’s involvement with the SAGA Group network, led by Sameer Agrawal, since 2009, where he held a senior position. Tiwari reportedly worked as a team leader for several SAGA Group entities, including LUCC and LJCC, allegedly aiding Agrawal, who is presently overseas, in managing these organizations.
Statements recorded under Section 50 of the PMLA purportedly implicate Tiwari in the alleged offenses and his role within the SAGA Group entities. The ED’s probe also disclosed that Tiwari and his family received significant deposits from SAGA Group entities through multiple bank accounts, without providing a satisfactory account for the transactions.
Moreover, the investigation revealed Tiwari’s interests in various entities allegedly utilized for handling illicit proceeds. He is accused of procuring numerous residential and commercial properties in his and his family members’ names using the proceeds of crime. The ED had previously attached several immovable properties related to the case, with further investigations ongoing.
