Massive Scam Unveiled: CBI Charges 18 in Uttarakhand Chit Fund Fraud

The Central Bureau of Investigation filed charges against 18 individuals and one entity involved in the Loni Urban Multi-State Credit and Thrift Co-operative Society chit fund scam in Uttarakhand. Key figures have been apprehended, with operations involving unregulated deposit schemes and substantial misappropriations of funds being uncovered.

The Central Bureau of Investigation (CBI) has filed a detailed chargesheet against 18 accused individuals and one entity involved in the Loni Urban Multi-State Credit and Thrift Co-operative Society (LUCC) chit fund scam in Uttarakhand. The charges were brought before the Special Court for the BUDS Act in Dehradun on Friday.

The investigation, as detailed in a press release by the CBI, revealed large-scale fraud perpetrated through unregulated deposit schemes run by LUCC. These schemes, affecting over a lakh investors, were found to have defrauded the public of more than Rs 400 crore while collecting approximately Rs 800 crore in deposits under the guise of legitimate operations.

Among the arrested are key figures such as Tarun Kumar Maurya, Mamta Bhandari, and Rajendra Singh Bisht, who were pivotal in managing LUCC operations. The CBI's investigation uncovered a web of conspiracy involving shell companies and bank accounts used to misappropriate the funds collected from the depositors. Significant properties linked to the accused have been identified for potential legal action.