The CBI has identified several properties which were acquired by the accused in connection with this chit fund fraud case.
FinTech BizNews Service
Mumbai, 26 June 2026: The Central Bureau of Investigation (CBI) has successfully secured attachment of 23 properties of the accused in M/s Loni Urban Multi State Credit and Thrift Co-operative Society (LUCC) Chit Fund Case. These properties are located at Uttrakhand, Uttar Pradesh and Mumbai.
During the course of investigation of the LUCC Chit Fund Case, the CBI has identified several properties which were acquired by the accused in connection with this chit fund fraud case. Accordingly, the CBI got issued attachment orders for 06 properties in Uttrakhand through Competent Authority under BUDS Act of Uttrakhand. Similarly, 16 properties identified in Uttar Pradesh were got attached after getting authorization from the Designated BUDS Act Court of Uttar Pradesh. Further one property at Mumbai was also authorized for attachment by the Designated BUDS Act Court in Maharashtra and the CBI is getting the attachment orders issued by the competent authority of Uttrakhand. Efforts are on to identify the remaining properties. So far properties worth Rs.25 crore have been attached.
It may be recalled that the CBI has registered this case after taking over multiple FIRs from Uttrakhand State Police based on the orders of Hon'ble High Court of Uttrakhand in the year 2025 under various offences of IPC, BNS, BUDS Act and UPID Act. The accused have induced more than 1.6 Lakh depositors and misappropriated funds to the tune of Rs.419 crore, in this fraud case.
The CBI has arrested 07 main accused involved in this case and they are under judicial custody.
Investigation is continuing.
