Uttarakhand LUCC Chit Fund Scam: CBI secures attachment of assets valued at Rs 25 crore

New Delhi: The Central Bureau of Investigation (CBI) has attached 23 properties worth approximately Rs 25 crore in connection with the alleged LUCC Chit Fund fraud case, marking a significant step in its ongoing probe into the multi-crore financial scam.

Properties Attached Across Three Locations

According to the agency, the attached properties are located in Uttarakhand, Uttar Pradesh and Mumbai. Investigators believe these assets were acquired by the accused using funds allegedly diverted from depositors through the fraudulent investment scheme.

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Of the total properties attached, six are located in Uttarakhand and were attached through orders issued by the competent authority under the Banning of Unregulated Deposit Schemes (BUDS) Act. In Uttar Pradesh, 16 properties were attached after approval from the designated BUDS Act court. One property in Mumbai was also cleared for attachment by the designated court in Maharashtra.

Probe Into Rs 419 Crore Alleged Fraud

The case pertains to alleged financial irregularities involving the Loni Urban Multi State Credit and Thrift Co-operative Society (LUCC). The CBI took over the investigation in 2025 after multiple FIRs registered by the Uttarakhand Police were transferred to the agency following directions from the Uttarakhand High Court.

Investigators have alleged that the accused induced more than 1.6 lakh depositors to invest in various schemes and subsequently misappropriated funds amounting to around Rs 419 crore.

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Seven Accused in Judicial Custody

The agency said seven key accused linked to the case have been arrested so far and are currently lodged in judicial custody.

CBI officials added that efforts are continuing to trace and identify additional assets allegedly linked to the fraud. Further action may follow as the investigation progresses and financial records are examined.

The agency said the probe remains underway and more attachments could be carried out based on evidence gathered during the course of the investigation.