DEHRADUN, JUNE 28: Tightening its grip on one of Uttarakhand's biggest alleged financial frauds, the Central Bureau of Investigation (CBI) has secured the attachment of 23 properties worth nearly ₹25 crore belonging to the accused in the Loni Urban Multi State Credit and Thrift Co-operative Society (LUCC) Chit Fund scam.
According to a CBI press release issued on June 25, the attached assets are spread across Uttarakhand, Uttar Pradesh and Mumbai. The agency said the properties were allegedly acquired by the accused using proceeds of the chit fund fraud.
During the investigation, the CBI identified six properties in Uttarakhand, which were attached after obtaining orders from the competent authority under the Banning of Unregulated Deposit Schemes (BUDS) Act.
Another 16 properties in Uttar Pradesh were attached with the approval of the designated BUDS Court, while one property in Mumbai was cleared for attachment by the designated BUDS Court in Maharashtra.
The agency said the process of identifying and attaching more assets is still underway.
The CBI took over the investigation in 2025 after multiple FIRs registered by the Uttarakhand Police were transferred to it on the directions of the Uttarakhand High Court.
The case has been registered under provisions of the Bharatiya Nyaya Sanhita (BNS), BUDS Act and the Unregulated Deposit Schemes laws, among other offences.
Investigators alleged that the accused duped more than 1.6 lakh depositors, siphoning off nearly ₹419 crore through the fraudulent investment scheme.
The agency has so far arrested seven key accused, all of whom are currently in judicial custody.
The investigation is continuing as the CBI seeks to trace additional assets allegedly linked to the massive financial scam.
