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CBI arrests two main accused in Uttarakhand LUCC chit fund…

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activePonzi / Investment SchemePan India

CBI arrests two main accused in Uttarakhand LUCC chit fund scam

The Central Bureau of Investigation (CBI) has arrested two alleged masterminds behind the LUCC chit fund scam from Mumbai. According to officials, the accused are allegedly responsible for operating the Loni Urban Multi State Credit and Thrift Co-operative Society (LUCC), which lured investors with promises of high returns. Investigators allege that the scheme illegally collected public deposits through unregulated deposit schemes, resulting in misappropriation of funds and criminal breach of trust.

State

Multiple States

First reported

June 2026

Agency involved

Central Bureau of Investigation (CBI) and Uttarakhand State Police

Arrests

Two alleged masterminds arrested in Mumbai

Charges or sections cited

Cheating, criminal breach of trust, criminal conspiracy, illegal collection of public deposits, operation of unregulated deposit schemes, and misappropriation of funds

Status

The two main accused have been arrested and the CBI investigation is ongoing

The full story

Everything you need to know about this case, in one place.

The fraud allegedly affected more than one lakh investors across multiple districts in Uttarakhand, with total estimated investments reaching approximately Rs 800 crore. Following initial complaints, the Uttarakhand State Police registered 18 first information reports against the scheme. The Uttarakhand High Court subsequently transferred the investigation to the CBI in November of the previous year.

The CBI tracked the two alleged masterminds to Mumbai, executing their arrests following extensive field investigations, analysis of bank transactions, and review of financial records across several states. The agency continues to investigate the multi-state financial crime.

Not yet reported: The articles do not mention specific trial court outcomes or the recovery status of the alleged misappropriated funds.

Where the case stands

The latest position in the reports we read.

The two primary accused have been apprehended by the CBI in Mumbai, and the agency's investigation into the multi-state scam remains ongoing.

Who was affected

Described in general terms; we do not name victims.

More than one lakh investors, primarily residents across multiple districts of Uttarakhand, were allegedly duped by the unregulated deposit scheme.

Timeline

Key dates as reported, oldest first.

NovemberThe Uttarakhand High Court handed over the investigation of the chit fund cases to the CBI.

MondayThe CBI arrested the two alleged masterminds in Mumbai following an intensive multi-state investigation.

How the scam worked

The method described in the reports.

The co-operative society allegedly lured members of the public with promises of lucrative returns on investments.
The operators ran unregulated deposit schemes to collect public funds on a massive scale.
Funds collected from investors were allegedly misappropriated instead of being invested legitimately.
The key accused allegedly absconded after law enforcement authorities registered multiple FIRs against the society.

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Sources and further reading

Optional. The full story is above; these are the original reports it was prepared from.

economictimes.indiatimes.comOriginal report The Economic TimesOpens via Google News CBI secures 23 properties in Uttarakhand LUCC chit fund scam - BW Police WorldBW Police World · 1 Jul 2026

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