Rs 800 Crore Chitfund Scam: CBI Nabs Masterminds

The Central Bureau of Investigation (CBI) has apprehended two alleged masterminds in Mumbai in connection with a massive financial fraud involving the Loni Urban Multi State Credit and Thrift Co-operative Society (LUCC). Authorities allege that the scheme defrauded over one lakh investors of approximately Rs 800 crore by promising lucrative returns on various unregulated deposit schemes. The fraudulent operations affected numerous depositors across multiple districts in Uttarakhand.

Following the registration of 18 First Information Reports (FIRs) by the Uttarakhand State Police, the two alleged masterminds went into hiding. The Uttarakhand High Court subsequently transferred the investigation to the CBI in November of the previous year. To track down the suspects, investigators conducted extensive field operations across several states, analyzed voluminous financial records, examined bank transactions, and gathered oral evidence.

The extensive probe eventually led the CBI to Mumbai, where the two suspects were located and arrested. The allegations against the organization and its operators include the illegal collection of public deposits, cheating, criminal breach of trust, criminal conspiracy, operating unregulated deposit schemes, and the misappropriation of funds.

Not yet reported: The articles do not mention the specific court trial outcomes or details of any other accomplices yet to be captured.