The CBI has attached 23 properties worth Rs 25 crore in the LUCC Chit Fund scam. The assets in Uttarakhand, UP, and Mumbai were seized under the BUDS Act. The scam allegedly defrauded 1.6 lakh depositors of nearly Rs 419 crore.
The Central Bureau of Investigation (CBI) has secured the attachment of 23 properties worth approximately Rs 25 crore in connection with the alleged LUCC Chit Fund scam, involving M/s Loni Urban Multi State Credit and Thrift Co-operative Society (LUCC), officials said on Thursday.
According to the CBI, the attached properties belong to accused persons linked to the case and are located across Uttarakhand, Uttar Pradesh and Mumbai. The agency said that during the course of the investigation, it identified several properties allegedly acquired by the accused through funds generated from the chit fund fraud.
In a press release, the CBI stated, "The CBI has successfully secured attachment of 23 properties of the accused in M/s Loni Urban Multi State Credit and Thrift Co-operative Society (LUCC) Chit Fund Case."
Properties Attached Under BUDS Act
The agency said that six properties in Uttarakhand were attached through orders issued by the competent authority under the Banning of Unregulated Deposit Schemes (BUDS) Act. Additionally, 16 properties in Uttar Pradesh were attached after obtaining authorisation from the designated BUDS Act Court in the state.
The CBI further said that one property in Mumbai was also authorised for attachment by the designated BUDS Act Court in Maharashtra and that the agency is in the process of obtaining the necessary attachment orders. "Efforts are on to identify the remaining properties. So far, properties worth Rs 25 crore have been attached," the agency said.
Investigation into Rs 419 Crore Fraud
The case was taken over by the CBI from the Uttarakhand Police following orders of the Uttarakhand High Court. The agency registered the case in 2025 after assuming the investigation of multiple FIRs related to the alleged chit fund fraud.
According to the CBI, the accused allegedly induced more than 1.6 lakh depositors to invest in various schemes and subsequently misappropriated funds amounting to around Rs 419 crore.
"It may be recalled that the CBI has registered this case after taking over multiple FIRs from Uttarakhand State Police based on the orders of the Hon'ble High Court of Uttarakhand," the release said. The agency has so far arrested seven main accused in the case, all of whom are currently in judicial custody.
The CBI said that further investigation into the matter is continuing. (ANI)
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