CBI Cracks Down on LUCC Chit Fund Scam Kingpin

The CBI has arrested five individuals for their alleged involvement in the LUCC chit fund scam in Uttarakhand, with fraud exceeding Rs 400 crore. More than one lakh investors fell victim to unregulated schemes. The main suspects, Sameer and Saniya Agrawal, remain at large as the investigation continues.

The Central Bureau of Investigation has apprehended five suspects linked to the LUCC chit fund scam, a significant fraud case in Uttarakhand, officials announced Wednesday. The accused are believed to have swindled over one lakh investors by promoting unregulated financial schemes.

The scam, involving more than Rs 400 crore, led the Uttarakhand High Court to transfer all related cases to the CBI in 2025. Subsequently, a criminal case was initiated under various legal statutes to address the large-scale fraudulent activity attributed to the Loni Urban Multi-State Credit and Thrift Co-operative Society.

While key suspects, Sameer Agrawal and his wife Saniya, are reportedly abroad, the CBI is coordinating efforts to freeze assets acquired through illicit means and ensure further legal proceedings are enforced. Authorities remain dedicated to recovering assets for the victims as the investigation progresses.