These companies induced members of the public to invest in deposit schemes by promising high returns and the invested amounts were misappropriated...ED investigation revealed that Ravi Shankar Tiwari has been associated with the SAGA Group Network led by Sameer Agrawal since 2009 as a senior functionary. He was also a team leader of Advantage Tradecom India Private Limited, Option One Industries Limited, LUCC and other SAGA Group entities,” the agency said.
It is alleged that Mr. Tiwari assisted Sameer Aggarwal (currently based abroad) in operating LUCC and LJCC. In his statements to the agency, he purportedly revealed his involvement in the commission of the crime and his role in the said SAGA Group entities. The accused and his family members received huge deposits from SAGA Group entities in various bank accounts, for which he failed to provide any satisfactory explanation.
Mr. Tiwari allegedly had interests in multiple entities, which were used for the receipt, routing and withdrawal of the “proceeds of crime”. He had also acquired several residential and commercial assets in his name and that of his family members, using the funds under scrutiny, the ED said.