Delhi/uttarakhand/
CBI arrests 02 mastermind in LUCC Chit Fund Scam of Uttarakhand
In the ongoing investigation in LUCC Chit Fund Case, CBI, ACB, Dehradun Branch has arrested two accused namely Kishan Jain and Pankaj Jain @ Pankaj Chaudhary on 01.06.2026 at Mumbai. After obtaining transit remand, both the accused will be produced before the Ld. BUDS Act Court at Dehradun.
In compliance of the order dated 17.09.2025 of the Hon’ble High Court of Uttarakhand at Nainital passed in WPCRL No. 1020/ 2025 and others, CBI, ACB, Dehradun had registered a case RC0072025E0007 on 26.11.2025 under various sections of IPC, BNS, Uttarakhand Protection of Interests of Depositors Act (UPID Act) and Banning of Unregulated Deposits Schemes Act (BUDS Act), against various office bearers of M/s Loni Urban Multi State Credit and Thrift Co- operative Society (LUCC) and others by taking over the investigation of 18 FIRs registered by the State Police of Uttarakhand.
The case pertains to allegations of illegal collection of public deposits, cheating, criminal breach of trust, criminal conspiracy, operation of unregulated deposit schemes, misappropriation of funds etc. by LUCC, affecting a large number of depositors across multiple districts of the State of Uttarakhand.
Investigation so far has brought forth an unprecedented scale of victimisation of public in the state of Uttarakhand in which a very large number of investors (more than 1 lakh approx.) were lured to invest in various unregulated deposit schemes of LUCC. The total investment/ deposits made by these depositors is estimated to be approximately Rs. 800 Crores.
During the course of investigation, on 12.05.2026 & 13.05.2026 CBI had arrested 05 accused persons, including 03 senior Cooperative Promoters of LUCC in Uttarakhand, namely, Smt. Mamta Bhandari, Sh. Tarun Kumar Maurya, Sh. Gaurav, who had actively collected deposits from public in Uttarakhand and were managing chest branches; Sh. Sushil Gokhroo, who had played an active role in collection, handling, diversion and misappropriation of funds mobilized from the public under various unregulated deposit schemes; and Sh. Rajendra Singh Bisht, who had actively abetted/ facilitated the main accused Sameer Agrawal in disposing off properties acquired from the proceeds of crime. All these 05 accused persons are presently in judicial custody at Sudhowala Jail, Dehradun.
In a significant development in the ongoing investigation, CBI has, on 01.06.2026, arrested two other accused persons, namely, Sh. Pankaj Kushal Singh Jain and Sh. Kishanlal Udaylal Jain, from Mumbai, Maharashtra. Their arrests were made after sustained and intensive efforts by the investigating team involving analysis of voluminous financial records, examination of bank transactions, collection of oral evidences and extensive field investigation conducted across different states of the country.
Investigation has revealed that both these accused persons are amongst the most important accused and, in conspiracy with main accused Sameer Agrawal and others, had played active and significant role in the collection, handling, diversion and misappropriation of funds collected from depositors under various unregulated deposit schemes operated by LUCC. Evidence gathered during investigation indicates their involvement in the larger conspiracy relating to the routing, handling and utilization of funds mobilized from lakhs of investors.
The arrests mark a significant milestone in the investigation and represent further progress made by CBI in unearthing the larger conspiracy behind the illegal mobilization and diversion of public deposits. CBI has also obtained details of several immovable properties acquired by the accused from the proceeds of crime and details have been shared with the competent authority under BUDS Act i.e. Secretary Finance, Govt of Uttarakhand with a request to freeze these properties and take necessary action to distribute them to the victims under the provisions of BUDS Act. CBI is committed to complete the investigation at an early date.
Further investigation in the matter is continuing.
