CBI attaches 23 properties in Rs 419 crore LUCC scam in Uttarakhand

New Delhi, Jun 25 (PTI) The CBI has attached 23 properties belonging to the accused in the Rs 419 crore Loni Urban Multi-State Credit and Thrift Co-operative Society (LUCC) Chit Fund scam case in Uttarakhand, officials said Thursday.

These properties in Uttarakhand, Uttar Pradesh and Mumbai were attached on the orders of competent authorities and courts under the Banning of Unregulated Deposit Schemes (BUDS) Act in the states.

During the probe, the CBI found that the accused acquired several properties using the scam funds.

“Accordingly, the CBI got issued attachment orders for six properties in Uttrakhand through the competent authority under the BUDS Act of Uttrakhand. Similarly, 16 properties identified in Uttar Pradesh were attached after getting

authorisation from the designated BUDS Act Court of Uttar Pradesh,” the CBI said in a statement.

The agency spokesperson said one property in Mumbai was also authorised for attachment by the designated BUDS Act court in Maharashtra, and the CBI got attachment orders issued by the competent authority of Uttarakhand.

“Efforts are on to identify the remaining properties. So far, properties worth Rs 25 crore have been attached,” she said.

The CBI took over the investigation on the orders of the Uttarakhand High Court in 2025.

“The accused have induced more than 1.6 lakh depositors and misappropriated funds to the tune of Rs 419 crore, in this fraud case. The CBI has arrested seven main accused involved in this case, and they are under judicial custody,” the CBI spokesperson said. PTI ABS ASD ASD