The Central Bureau of Investigation (CBI) has made significant arrests in the LUCC chit fund scam in Uttarakhand, uncovering a massive financial fraud scheme that defrauded over one lakh investors of more than Rs 400 crore.
Key Points
- CBI arrests five people in connection with the LUCC chit fund scam in Uttarakhand.
- The scam involves alleged irregularities by the Loni Urban Multi-State Credit and Thrift Co-operative Society (LUCC).
- LUCC is accused of luring over one lakh investors into unregulated deposit schemes.
- Deposits worth around Rs 800 crore were collected, with the fraud amount exceeding Rs 400 crore.
- The main accused, Sameer Agrawal, and his wife have absconded abroad.
The Central Bureau of Investigation (CBI) has arrested five people, including an alleged kingpin, in connection with the LUCC chit fund scam in Uttarakhand involving an alleged amount of more than Rs 400 crore, officials said on Wednesday.
The case pertains to alleged irregularities linked to Loni Urban Multi-State Credit and Thrift Co-operative Society (LUCC), which is accused of luring investors into depositing money in unregulated schemes, an official statement said.
The arrested accused have been identified as Sushil Gokhroo, Rajendra Singh Bisht, Tarun Kumar Mourya, Gaurav Rohilla and Mamta Bhandari. They were apprehended from different locations across the country, the statement said.
Uttarakhand High Court Intervention
According to the agency, the Uttarakhand High Court in 2025 transferred all FIRs related to the scam to the CBI.
Following the court's decision, a case was registered on November 26, 2025, under various provisions of the Indian Penal Code, Bharatiya Nyaya Sanhita, the Uttarakhand Protection of Interests of Depositors Act and the Banning of Unregulated Deposit Schemes Act.
"Investigation so far has brought forth an unprecedented scale of victimisation of the public in the State of Uttarakhand," the agency said.
Scale of the Chit Fund Fraud
It is alleged that more than one lakh investors were lured into investing in various unregulated deposit schemes floated by LUCC.
According to the agency, deposits worth around Rs 800 crore were collected from investors, and while part repayments were made, the fraud amount exceeded Rs 400 crore.
The CBI said the main accused, Sameer Agrawal, along with his wife Saniya Agrawal, had absconded abroad, and the agency had issued notices and circulars against them.
Assets and Ongoing Investigation
"Investigation has also revealed that several immovable properties were acquired by the accused persons from the proceeds of crime," the statement said.
The agency said details of the properties had been shared with the competent authority in Uttarakhand with a request to freeze them and initiate action for distribution to victims under the provisions of the Banning of Unregulated Deposit Schemes (BUDS) Act.
The arrested accused were being produced before the competent court, while further investigation is underway.
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