ED Arrests Ravi Shankar Tiwari in ₹10,314 Crore Loni Cooperative Society Scam

New Delhi: The Enforcement Directorate (ED) has arrested an accused in connection with the Loni Urban Multi State Credit and Thrift Cooperative Society (LUCC) case, involving alleged misappropriation of approximately ₹10,314 crore belonging to over 30.51 lakh investors.

The accused has been identified as Ravi Shankar Tiwari, also known as Ravi Tiwari. On Wednesday (July 15, 2026), the agency produced him before a special court, which remanded him to ED custody for 10 days.

According to the ED, its investigation is based on multiple First Information Reports filed in Lalitpur, Uttar Pradesh, and Teekamgarh, Madhya Pradesh, against LUCC, the Lustiness Janhit Credit Cooperative Society Limited, and Option One Industries Limited.

“These companies induced members of the public to invest in deposit schemes by promising high returns, and the invested amounts were misappropriated,” the ED said in a statement. The agency's probe revealed that Tiwari has been associated with the SAGA Group Network, led by Sameer Agrawal, since 2009 as a senior functionary. He also served as a team leader for Advantage Tradecom India Private Limited, Option One Industries Limited, LUCC, and other SAGA Group entities.

It is alleged that Tiwari assisted Sameer Aggarwal, who is currently based abroad, in operating LUCC and LJCC. In his statements to the agency, Tiwari reportedly admitted his involvement in the crime and his role in the SAGA Group entities. The accused and his family members received substantial deposits from SAGA Group entities in various bank accounts, for which he could not provide any satisfactory explanation.

The ED further alleged that Tiwari had interests in multiple entities that were used for the receipt, routing, and withdrawal of the “proceeds of crime.” He also acquired several residential and commercial assets in his name and that of his family members using the funds under scrutiny, the agency said.