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The Central Bureau of Investigation (CBI) has attached 23 properties linked to the accused in the alleged INR 419 crore Loni Urban Multi-State Credit and Thrift Co-operative Society (LUCC) chit fund scam, which is estimated to have affected more than 1.6 lakh depositors. The properties, located in Uttarakhand, Uttar Pradesh and Mumbai, have been attached under the provisions of the Banning of Unregulated Deposit Schemes (BUDS) Act following approvals from competent authorities and designated courts. The CBI said assets worth around INR 25 crore have been attached so far as part of its ongoing investigation, which it took over in 2025 on the directions of the Uttarakhand High Court.
The Central Bureau of Investigation (CBI) has secured the attachment of 23 properties belonging to individuals accused in the alleged INR 419 crore Loni Urban Multi-State Credit and Thrift Co-operative Society (LUCC) chit fund scam. The attachments, carried out under the provisions of the Banning of Unregulated Deposit Schemes (BUDS) Act, cover properties located in Uttarakhand, Uttar Pradesh and Mumbai and form part of the agency's efforts to recover assets allegedly acquired using funds collected from depositors.
According to the CBI, the attachments were executed following approvals from competent authorities and designated courts in the respective states. The agency stated that its investigation revealed that several immovable properties had been acquired by the accused using proceeds from the alleged financial fraud.
The agency said six properties in Uttarakhand were attached through the competent authority constituted under the BUDS Act in the state. In Uttar Pradesh, 16 properties were attached after obtaining authorisation from the designated BUDS Act court. A further property in Mumbai was authorised for attachment by the designated BUDS Act court in Maharashtra, following which the attachment order was issued through the competent authority in Uttarakhand.
The CBI said the combined value of the attached assets currently stands at approximately INR 25 crore. It added that efforts are continuing to trace and identify additional properties allegedly purchased using funds diverted from the scheme.
The investigation was transferred to the CBI in 2025 following directions issued by the Uttarakhand High Court. Since taking over the case, the agency has been examining the alleged diversion and utilisation of deposits collected through the multi-state credit and thrift co-operative society.
According to the CBI, the accused allegedly induced more than 1.6 lakh individuals to invest in the scheme and subsequently misappropriated deposits amounting to around INR 419 crore. The agency stated that investors were allegedly persuaded to deposit money under various financial schemes before the funds were diverted.
The CBI further said seven principal accused have been arrested in connection with the case and are currently in judicial custody. The investigation remains ongoing, with the agency continuing to examine financial transactions, identify additional assets and pursue recovery proceedings under the applicable provisions of the BUDS Act.
The latest property attachments represent part of the agency's broader efforts to secure assets allegedly linked to the fraud while safeguarding the interests of affected depositors through legal recovery mechanisms.
Source - PTI
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