New Delhi, June 25 (IANS) The Central Bureau of Investigation (CBI) has secured the attachment of 23 properties belonging to the accused in the M/s Loni Urban Multi-State Credit and Thrift Co-operative Society (LUCC) chit fund fraud case, an official statement said on Thursday.
The attached assets, collectively valued at approximately Rs 25 crore, and are spread across Uttarakhand, Uttar Pradesh, and Mumbai.
According to the statement, the attachments were carried out following an investigation during which the CBI identified multiple immovable properties allegedly acquired using proceeds of the fraud.
Acting under the provisions of the Banning of Unregulated Deposit Schemes (BUDS) Act, the agency obtained necessary approvals from competent authorities and designated courts in different states to initiate the attachment process.
Out of the total properties, six in Uttarakhand were attached through orders issued by the state’s competent authority under the BUDS Act. Similarly In Uttar Pradesh, 16 properties were secured and one property in Mumbai was approved for attachment by the designated BUDS Act Court in Maharashtra.
Investigators indicated that efforts are ongoing to trace and attach additional assets linked to the accused. The agency is continuing to map the financial trail and identify further properties allegedly procured using misappropriated funds.
The case was registered by the CBI in 2025 after taking over multiple FIRs previously lodged by the Uttarakhand Police.
The case involves alleged violations under various sections of the Indian Penal Code (IPC), Bharatiya Nyaya Sanhita (BNS), BUDS Act, and the Uttar Pradesh Protection of Interest of Depositors (UPID) Act.
Preliminary findings suggest that the accused duped more than 1.6 lakh depositors by promising high returns and subsequently misappropriated funds amounting to around Rs 419 crore.
So far, the CBI has arrested seven key accused in connection with the case. All of them are currently in judicial custody.
The investigation in the case is ongoing.
–IANS
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