CBI Arrests Two Alleged Conspirators In ₹800-Crore LUCC Deposit Scam
Two alleged masterminds held in massive investor fraud.
The Central Bureau of Investigation (CBI) has arrested two alleged key conspirators in the ₹800-crore LUCC chit fund scam, marking a significant development in a case that has reportedly affected more than one lakh investors. The accused, identified as Kishan Jain and Pankaj Jain, were apprehended in Mumbai following an extensive investigation into the operations of the Loni Urban Multi State Credit and Thrift Co-operative Society (LUCC).
According to the CBI, the two men are accused of orchestrating a large-scale financial fraud by enticing members of the public to invest in deposit schemes with promises of attractive returns. Investigators allege that the schemes were unregulated and were used to collect substantial sums of money from investors across several districts of Uttarakhand and other regions.
The agency stated that the accused had been absconding since multiple cases were registered against them. A total of 18 First Information Reports (FIRs) were initially lodged by the Uttarakhand Police in connection with the alleged scam. Following directions issued by the Uttarakhand High Court, the investigation was transferred to the CBI in November last year for a more comprehensive probe.
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CBI officials said the arrests were the result of sustained efforts involving the examination of extensive financial records, analysis of banking transactions, collection of witness testimonies, and field investigations conducted across multiple states. The agency tracked the movements of the accused before taking them into custody in Mumbai.
The case involves allegations of illegal collection of public deposits, cheating, criminal breach of trust, criminal conspiracy, operation of unregulated deposit schemes, and misappropriation of investor funds. Investigators believe that more than one lakh depositors were persuaded to invest in various LUCC-run schemes, resulting in estimated losses of approximately ₹800 crore.
The arrests are expected to provide fresh leads in the ongoing investigation as authorities continue to examine the financial trail and identify the full extent of the alleged fraud. The CBI has stated that further investigation into the case remains underway.
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