DEHRADUN: The Central Bureau of Investigation (CBI) has arrested five key accused in connection with the sprawling Loni Urban Multi-State Credit and Thrift Cooperative Society (LUCC) chit fund scam.
The arrests mark a significant escalation in the probe into a financial fraud that has left approximately 100,000 investors across Uttarakhand reeling.
Among those taken into custody is Sushil Gokhru, identified as a primary architect of the scheme.
Other suspects arrested from various locations across the country include Rajendra Singh Bisht, Tarun Kumar Maurya, Gaurav Rohilla, and Mamta Bhandari.
The probe follows a pivotal directive from the Nainital High Court in 2025, which ordered the transfer of all First Information Reports (FIRs) related to the LUCC scam to the central agency.
Acting on this mandate, the CBI registered a formal case on November 26, 2025, invoking sections of the Indian Penal Code (IPC), Bharatiya Nyaya Sanhita (BNS), the Uttarakhand Protection of Depositors’ Interests Act, and the Banning of Unregulated Deposit Schemes (BUDS) Act.
Investigations suggest the scale of the fraud is staggering. The society allegedly lured thousands of investors with promises of high returns, amassing deposits totalling approximately Rs 800 crore.
While some partial payments were made to investors early on, official estimates peg the total defrauded amount at over Rs 400 crore.
"The investigation is proceeding on a day-to-day basis," a CBI official stated.
"We have formed specialized teams utilizing advanced technical surveillance and human intelligence to track down the remaining suspects."
The agency remains on the hunt for the primary mastermind, Samir Agarwal, who is believed to have fled abroad with his wife, Sania Agarwal.
A lookout circular and international notices have been issued to ensure their capture. Beyond the ongoing arrests, the agency is prioritizing the complex task of asset recovery, as forensic audits indicate that the accused allegedly siphoned vast sums of depositors' money into real estate holdings and other property portfolios.
Speaking on condition of anonymity, a senior official involved in the probe told TNIE, "The CBI has formally shared details of these identified assets with the Secretary (Finance) of the Uttarakhand government. The agency has urged authorities to freeze these properties immediately, aiming to invoke provisions under the BUDS Act to eventually liquidate the assets and provide restitution to the victims."
As the CBI deepens its scrutiny into the financial trails, the victims remain hopeful that the seizure of illicitly acquired assets will pave the way for the recovery of their life savings. The investigation remains ongoing.
