CBI Attaches Properties Worth Rs 25 Crore in LUCC Chit Fund Scam Probe

The Central Bureau of Investigation (CBI) has attached 23 properties valued at Rs 25 crore in the ongoing investigations into the LUCC Chit Fund scam, involving M/s Loni Urban Multi State Credit and Thrift Co-operative Society. These properties span across Uttarakhand, Uttar Pradesh, and Mumbai.

The Central Bureau of Investigation (CBI) has taken a significant step forward in the LUCC Chit Fund scam probe by securing the attachment of 23 properties estimated to be worth Rs 25 crore. The properties, linked to the accused individuals, are spread across the states of Uttarakhand, Uttar Pradesh, and the city of Mumbai, according to official reports released on Thursday.

In its investigation, the CBI identified these properties as being allegedly acquired using funds from the fraudulent chit fund operations. "The CBI has successfully secured attachment of 23 properties belonging to the accused in the M/s Loni Urban Multi State Credit and Thrift Co-operative Society (LUCC) Chit Fund Case," a CBI press release stated.

Authorities outlined that six properties in Uttarakhand were attached via the Banning of Unregulated Deposit Schemes (BUDS) Act, while 16 properties in Uttar Pradesh received the required approvals from the BUDS Act Court. Additionally, one property in Mumbai has been authorized for attachment by the BUDS Act Court in Maharashtra. Investigations continue as the CBI works to identify any remaining properties, totaling attachments to Rs 25 crore thus far.