CBI Arrests Five Accused In Uttarakhand Rs 800 Crore Chit Fund Scam

The Central Bureau of Investigation (CBI) has arrested five individuals in connection with the Rs 800 crore Loni Urban Multi-State Credit and Thrift Cooperative Society (LUCC) chit fund scam, marking a major development in a case that has affected nearly 100,000 investors across Uttarakhand.

Among those arrested is Sushil Gokhru, identified by investigators as a key architect of the alleged fraud. The other accused taken into custody from multiple locations across India include Rajendra Singh Bisht, Tarun Kumar Maurya, Gaurav Rohilla, and Mamta Bhandari. Officials said the arrests represent an escalation in efforts to dismantle the network behind the large-scale financial irregularities.

The investigation was initiated following a directive from the Nainital High Court in 2025, which ordered the transfer of all First Information Reports (FIRs) related to the LUCC case to the CBI. Acting on this mandate, the agency registered a formal case on November 26, 2025, invoking provisions under the Indian Penal Code (IPC), the Bharatiya Nyaya Sanhita (BNS), the Uttarakhand Protection of Depositors’ Interests Act, and the Banning of Unregulated Deposit Schemes (BUDS) Act.

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According to investigators, the cooperative society allegedly attracted thousands of investors by promising unusually high returns, eventually collecting deposits worth approximately Rs 800 crore. While some early investors reportedly received partial payouts, authorities estimate that the overall fraud exceeded Rs 400 crore, leaving a large number of depositors with significant financial losses.

The CBI stated that the probe is continuing on a day-to-day basis, with specialized teams using technical surveillance and human intelligence to track remaining suspects. The agency has also issued a lookout circular against the alleged mastermind, Samir Agarwal, who is believed to have fled abroad along with his wife, Sania Agarwal.

Officials involved in the investigation said efforts are now focused on tracing and recovering assets allegedly acquired using diverted investor funds. These include real estate holdings and other properties identified through forensic audits. The CBI has shared details of these assets with the Uttarakhand government’s Finance Department, urging immediate steps to freeze them under provisions of the BUDS Act, with the aim of eventual liquidation and restitution for victims. The investigation remains ongoing as authorities continue to pursue the remaining accused and work toward potential recovery for affected investors.

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