ED arrests accused in Loni cooperative society case

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 about ₹10,314 crore belonging to over 30.51 lakh investors.

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

The ED’s probe is based on several First Information Reports registered in Lalitpur in Uttar Pradesh, and Teekamgarh in 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…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.