India, Aug. 19 -- The Enforcement Directorate (ED) has frozen and seized assets worth around Rs.37.13 crore during searches in Mumbai and Bhopal in connection with an alleged Rs.10,000-crore Ponzi scam run by a business group allegedly controlled by S Agrawal, the agency said on Tuesday. The group is accused of fraudulently collecting more than Rs.10,000 crore from the public through a network of cooperative societies and investment schemes.

A few cooperative societies, including the Loni Urban Multi-State Credit and Thrift Co-operative Society (LUCC) and other affiliated societies, are under the ED's scanner, officials said.

During searches conducted from Thursday to Sunday at multiple residential and business premises of accused perso...