The CBI has arrested two individuals accused of masterminding the LUCC chit fund scam in Uttarakhand, which allegedly defrauded over one lakh investors of ₹800 crore.
CBI Arrests Two in Uttarakhand LUCC Chit Fund Case
The CBI has arrested two individuals accused of masterminding the LUCC chit fund scam in Uttarakhand, which allegedly defrauded over one lakh investors of ₹800 crore.
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The Central Bureau of Investigation (CBI) has taken two individuals into custody in connection with the Loni Urban Multi State Credit and Thrift Co-operative Society (LUCC) chit fund case in Uttarakhand. The agency alleges that over one lakh people were persuaded to invest in unregulated deposit schemes, resulting in a financial fraud amounting to approximately ₹800 crore.
The LUCC chit fund scam reportedly involved enticing investors with promises of high returns through various schemes operated by the society. The CBI has identified the arrested individuals as key masterminds behind the fraudulent operations. The investigation is ongoing, and further details about the case are expected to emerge.
The arrests mark a significant development in the probe into one of the largest financial scams in the region. Authorities are working to trace the flow of funds and identify other individuals who may be involved in the scheme.
Investors affected by the scam are urged to cooperate with the investigation and provide relevant information to assist the authorities in recovering the defrauded money.
This case highlights the risks associated with unregulated deposit schemes and the importance of exercising caution while investing in financial products.
The Hindu reported the developments, citing the CBI's allegations and ongoing investigation into the matter.