The Central Bureau of Investigation (CBI) has attached 23 properties linked to the accused in the M/s Loni Urban Multi-State Credit and Thrift Co-operative Society (LUCC) chit fund fraud case. These assets, valued at around Rs 25 crore, are located in Uttarakhand, Uttar Pradesh, and Mumbai. The CBI identified these immovable properties as allegedly acquired using proceeds from the fraud.
Following an investigation, the CBI undertook the attachments under the Banning of Unregulated Deposit Schemes (BUDS) Act. Necessary approvals were obtained from competent authorities and designated courts in various states to initiate the attachment process. In Uttarakhand, six properties were attached through orders issued by the state’s competent authority under the BUDS Act, while 16 properties in Uttar Pradesh and one property in Mumbai were secured for attachment by the designated BUDS Act Court in Maharashtra.
Efforts are underway to trace and attach more assets linked to the accused as the agency continues to follow the financial trail and identify additional properties allegedly acquired using misappropriated funds. The case, which involves alleged violations under various laws, was registered by the CBI in 2025 after taking over multiple FIRs from the Uttarakhand Police. It is reported that the accused defrauded over 1.6 lakh depositors by promising high returns and misappropriated funds totaling approximately Rs 419 crore.
Seven key accused individuals have been arrested by the CBI in connection with the case and are presently in judicial custody. The investigation remains ongoing.
