CBI arrests two accused in Uttarakhand LUCC chit fund case

The Central Bureau of Investigation (CBI) has arrested two accused in the Uttarakhand LUCC provident fund case in Mumbai. They were identified as Kishan Jain and Pankaj Jain aka Pankaj Chaudhary. They were arrested following “analysis of numerous financial records, examination of bank transactions, collection of oral evidence, and extensive field investigation conducted in different states.”

Pursuant to the order of the Uttarakhand High Court dated September 17, 2025, the agency had registered the case against various officers of Loni Urban Multi-State Credit and Savings Cooperative Society (LUCC) and others on November 26, 2025. Took over the investigation into 18 First Information Reports initiated by the State Police.

The case alleges illegal collection of public deposits, fraud, criminal breach of trust, criminal conspiracy, operation of unregulated deposit schemes, misappropriation of funds, etc. It’s about the claims.

According to CBI, more than one lakh people in Uttarakhand were persuaded to invest in various unregulated deposit schemes of LUCC. Total deposits are estimated to be around ₹800 crore.

The arrested defendants were part of the conspiracy to divert, manage and use funds.

CBI had earlier arrested five accused persons on May 12 and 13; these included three senior ‘cooperative supporters’ of LUCC in Uttarakhand. They are currently in judicial custody in Sudhowala Jail in Dehradun.

The agency also collected details of several properties acquired by the accused from proceeds of crime. Details were shared with the competent authority to return the funds provided to the victims.