DEHRADUN: The Central Bureau of Investigation has formally registered a case against 46 individuals after a directive from the Uttarakhand High Court in the high-profile Rs 500 crore Loni Urban Multi State Credit and Thrift Cooperative Society fraud.
The investigative agency’s Special Crime Branch (SCB) in Dehradun filed the FIR after the High Court mandated the transfer of all related criminal cases to the CBI on September 17.
The list of accused individuals now includes veteran film actor Alok Nath and actor Shreyas Talpade, who both served as brand ambassadors for the cooperative society.
Victims allege that the celebrities’ endorsements played a pivotal role in luring thousands of investors to deposit substantial sums
Speaking to The New Indian Express, Vivek Agarwal, one of the affected clients said, "We invested heavily because we trusted the face value these actors brought to the scheme”.
Between 2019 and 2024, LUCC allegedly duped thousands of investors across the state by promising astronomical returns—as high as doubling investments—through purported investments in overseas gold, oil, and refinery projects.
The scam unravelled in 2024 when the society abruptly shut down its offices and its key management vanished. Widespread protests by victims eventually forced the matter into the judicial system.
The CBI has consolidated 18 separate FIRs initially lodged across nine districts, including Dehradun, Haridwar, Pauri, and Nainital, using the initial complaint filed by Tripti Negi of Kotdwar in June 2024 as the foundational case.
While the state CID had filed chargesheets in some initial cases, the main accused, Sameer Agarwal, is reported to be absconding abroad, prompting the issuance of a Blue Corner and Look Out Notice against him.
The names of the two film actors had previously surfaced in a case registered under the Raipur police station limits in Dehradun. Victims contend that they were misled by the promotional activities featuring the actors.
Sources confirm that the CBI has now formally included both actors in the array of accused persons. Notably, the state CID team had previously visited one actor’s residence. However, the actor has reportedly secured a stay order from the Supreme Court to evade immediate arrest.
Vivek Agarwal recounted the timeline of the fraud: "LUCC opened branches in Uttarakhand in 2019, offering attractive schemes. They built trust by returning money initially, but everything collapsed in 2024. After police complaints failed to yield results, the matter reached the High Court, leading to the CBI taking over."