CBI attaches 23 properties worth ₹25 crore in LUCC chit fund fraud case
Synopsis
The CBI has attached 23 properties worth ₹25 crore tied to the LUCC chit fund fraud — a case where over 1.6 lakh depositors were allegedly duped of ₹419 crore. With seven accused in judicial custody and the financial trail still being mapped, the agency's multi-state sweep signals that the recovery operation is far from over.
Key Takeaways
The CBI has attached 23 properties valued at approximately ₹25 crore in the LUCC chit fund fraud case.
Properties span Uttarakhand (6), Uttar Pradesh (16), and Mumbai (1), secured under the BUDS Act .
The alleged fraud involves misappropriation of approximately ₹419 crore from more than 1.6 lakh depositors .
Seven key accused have been arrested and are currently in judicial custody .
The CBI took over the case in 2025 from the Uttarakhand Police and is continuing to trace additional assets.
The Central Bureau of Investigation (CBI) has secured the attachment of 23 properties linked to accused persons in the M/s Loni Urban Multi-State Credit and Thrift Co-operative Society (LUCC) chit fund fraud case, according to an official statement issued on Thursday, 25 June. The attached assets are collectively valued at approximately ₹25 crore and are spread across Uttarakhand, Uttar Pradesh, and Mumbai.
How the Attachments Were Carried Out
The CBI acted under the provisions of the Banning of Unregulated Deposit Schemes (BUDS) Act, obtaining necessary approvals from competent authorities and designated courts across multiple states. Of the 23 properties attached, six are located in Uttarakhand and were secured through orders issued by the state's competent authority under the BUDS Act. In Uttar Pradesh, 16 properties were attached, while one property in Mumbai was approved for attachment by the designated BUDS Act Court in Maharashtra.
Scale of the Alleged Fraud
Preliminary findings suggest that the accused duped more than 1.6 lakh depositors by promising high returns and subsequently misappropriating funds amounting to approximately ₹419 crore. The case involves alleged violations under various sections of the Indian Penal Code (IPC), the Bharatiya Nyaya Sanhita (BNS), the BUDS Act, and the Uttar Pradesh Protection of Interest of Depositors (UPID) Act.
Arrests and Custody Status
So far, the CBI has arrested seven key accused in connection with the case. All seven are currently in judicial custody. The agency took over the case in 2025 after assuming charge of multiple First Information Reports (FIRs) previously lodged by the Uttarakhand Police.
Investigation Continues
Investigators have indicated that efforts are ongoing to trace and attach additional assets linked to the accused. The CBI is continuing to map the financial trail and identify further properties allegedly procured using misappropriated depositor funds. This comes amid a broader national crackdown on unregulated deposit schemes that have collectively defrauded millions of small investors across India in recent years. The LUCC case, with over 1.6 lakh victims and a fraud quantum of ₹419 crore, ranks among the larger multi-state cooperative fraud cases currently under central investigation.
Point of View
Coordinating across three state jurisdictions simultaneously. Yet ₹25 crore in recovered assets against an alleged fraud of ₹419 crore means less than 6% of the claimed loss has been traced to attachable property so far. For the 1.6 lakh depositors, the gap between the fraud quantum and recoverable assets is the real story — and one that mainstream coverage consistently underplays. The pace of recovery, not just the number of arrests, should be the metric by which this investigation is judged.
NationPress
25 Jun 2026
Frequently Asked Questions
What is the LUCC chit fund fraud case?
The LUCC chit fund fraud case involves M/s Loni Urban Multi-State Credit and Thrift Co-operative Society, which allegedly duped more than 1.6 lakh depositors of approximately ₹419 crore by promising high returns. The CBI took over the investigation in 2025 after assuming charge of multiple FIRs originally filed by the Uttarakhand Police.
How many properties has the CBI attached and where?
The CBI has attached 23 properties worth approximately ₹25 crore across three states — six in Uttarakhand, 16 in Uttar Pradesh, and one in Mumbai. The attachments were carried out under the Banning of Unregulated Deposit Schemes (BUDS) Act with approvals from competent authorities and designated courts in each state.
How many accused have been arrested in the LUCC case?
Seven key accused have been arrested by the CBI in connection with the LUCC chit fund fraud case. All seven are currently in judicial custody as the investigation continues.
What laws are being invoked in the LUCC fraud case?
The case involves alleged violations under the Indian Penal Code (IPC), the Bharatiya Nyaya Sanhita (BNS), the Banning of Unregulated Deposit Schemes (BUDS) Act, and the Uttar Pradesh Protection of Interest of Depositors (UPID) Act.
Will more properties be attached in the LUCC case?
Yes, the CBI has indicated that efforts are ongoing to trace and attach additional assets linked to the accused. Investigators are continuing to map the financial trail to identify further properties allegedly acquired using misappropriated depositor funds.
