Nine flats in MMR linked to ₹10,000-crore Uttarakhand Ponzi scheme attached

Seven of these properties are in Navi Mumbai, and the remaining two are in Mira-Bhayandar, according to a public notice issued by the Uttarakhand government

Mumbai: The Uttarakhand government has attached nine properties in the Mumbai Metropolitan Region (MMR) linked to an alleged ₹10,000-crore Ponzi scheme centred around the Loni Urban Multi State Credit and Thrift Co-operative Society (LUCC).

The alleged ₹10,000-crore Ponzi scheme is centred around the Loni Urban Multi State Credit and Thrift Co-operative Society (LUCC).

Seven of these properties are in Navi Mumbai, and the remaining two are in Mira-Bhayandar, according to a public notice issued by the Uttarakhand government.

The attachment follows orders by a special court for cases under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act and a sessions court earlier this year.

All seven attached flats in Navi Mumbai are owned by the alleged mastermind, Sameer Agrawal, his wife, Sania Agrawal, and his deceased father, Rajendra Agrawal. Sameer Agrawal, the chairman and managing director of the SAGA Group, has been accused of diverting and misappropriating funds collected from Uttarakhand citizens under various unregulated deposit schemes offered by LUCC. Agarwal has reportedly left the country and is absconding.

Six of the seven flats in Navi Mumbai are located in Ghansoli in the following buildings: Bhagwati Complex, Bhoomi Oscar, Green Palms, Sai Chhaya and Krishna Heights. The seventh flat is at Brij Bhumi Heights in Ulwe, according to the public notice.

One of the two flats in the Mira-Bhayandar area is in Shubh Society, Bhayandar West. This flat is owned by Yogita Pankaj Jain and Kushalsingh Jain, who allegedly opened bank accounts in Mumbai for shell companies that were used to receive and route funds collected from depositors.

The ninth apartment is in the Gaurav Crest building in Mira Road East and is owned by Sushil Gokharoo, who allegedly arranged bank accounts in the names of shell entities into which the funds of LUCC investors were deposited and then misappropriated by Sameer Agrawal, according to the notice.

The case relates to a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) in November 2025, based on 18 FIRs in Uttarakhand related to the alleged Ponzi scheme. The CBI had filed a charge sheet against 18 accused people in July this year.

The alleged fraud, worth ₹10,000 crore, was operated by the SAGA Group through LUCC and its affiliated cooperative societies, according to the charge sheet. The company allegedly lured investors across several states through fixed deposit, recurring deposit and monthly income schemes, promising to double or triple their investments within three to five years, along with incentives such as cars. Investigators allege that the firm collected over ₹10,000 crore without any genuine business activity to support the promised returns and diverted a substantial portion of the funds for personal gains.

The probe has allegedly uncovered a network of over 50 shell companies through which funds were routed using cash channels and hawala transactions to acquire assets in India and abroad. The Enforcement Directorate, which has been investigating the money-laundering angle, has also arrested another key functionary, Ravi Shankar Tiwari, and provisionally attached assets in the case.

The ED conducted searches at premises linked to Agrawal and his associates in Mumbai and Bhopal from August 13-16, seizing ₹1.53 crore in cash, foreign currency worth around ₹35 lakh, and precious metals valued at ₹5.25 crore. The agency also froze assets worth over ₹30 crore, and seized nine high-end vehicles and incriminating documents.