CBI Attaches 23 Properties Worth ₹25 Crore in LUCC Chit Fund Scam

New Delhi: In a significant breakthrough in the high-profile M/s Loni Urban Multi State Credit and Thrift Co-operative Society (LUCC) Chit Fund Scam, the Central Bureau of Investigation (CBI) has successfully secured the attachment of 23 immovable properties allegedly linked to the accused involved in the multi-crore financial fraud. The attached assets are spread across Uttarakhand, Uttar Pradesh, and Maharashtra, with an estimated value of nearly ₹25 crore.

The latest action marks another major step in the agency’s ongoing efforts to trace and recover assets allegedly acquired using funds collected from unsuspecting investors through fraudulent deposit schemes.

Properties Attached Across Three States

According to the CBI, extensive financial investigations led to the identification of multiple assets purchased by the accused during the operation of the alleged chit fund scam.

As part of the legal proceedings:

• Six properties located in Uttarakhand have been attached after obtaining orders from the Competent Authority under the Banning of Unregulated Deposit Schemes (BUDS) Act.
• Sixteen properties in Uttar Pradesh have also been attached following authorization from the Designated BUDS Act Court in the state.
• Additionally, one property in Mumbai, Maharashtra, has been approved for attachment by the Designated BUDS Act Court. The CBI is now completing the formal attachment process through the competent authority in Uttarakhand.

Probe Focused on Recovering Investors’ Money

Investigators believe the attached properties were acquired using proceeds generated through the alleged chit fund fraud. The attachments are aimed at preserving these assets for future legal proceedings and facilitating the recovery of funds for affected investors, subject to court orders.

The agency stated that the ongoing investigation is focused on identifying the complete trail of assets purchased by the accused and uncovering additional financial transactions connected with the case.

Assets Worth ₹25 Crore Secured So Far

With the latest action, the cumulative value of properties attached in the LUCC Chit Fund case has reached approximately ₹25 crore. Officials indicated that the attachment process is continuing and additional properties may be identified as the investigation progresses.

Further Investigation Underway

The CBI has reiterated that efforts are continuing to trace the remaining assets allegedly linked to the accused persons. Financial records, property documents and investment trails are being examined to identify additional movable and immovable assets that may have been acquired through the proceeds of the alleged fraud.

The agency emphasized that the investigation remains active and further legal action will be initiated wherever evidence establishes a connection between the assets and the alleged offence.

Crackdown on Financial Fraud Continues

The attachment of 23 properties underscores the CBI’s continuing crackdown on large-scale financial frauds and unregulated deposit schemes that affect thousands of investors. Officials stated that strict action will continue against individuals and entities found to have diverted or concealed proceeds generated through such illegal financial operations.

The investigation into the LUCC Chit Fund case is ongoing, and the agency is expected to take further action as additional evidence emerges.