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The CBI has arrested 2 successful the ₹800 crore LUCC chitfund scam successful Uttarakhand, officials said connected Tuesday (June 2, 2026). The 2 alleged masterminds were arrested successful Mumbai.
It is alleged that implicit 1 lakh investors of the Loni Urban Multi-State Credit and Thrift Co-operative Society (LUCC) were cheated to the tune of ₹800 crore with the committedness of lucrative returns.
The alleged masterminds Kishan Jain and Pankaj Jain absconded aft the Uttarakhand State Police registered 18 FIRs successful this scam, they said.
The Uttarakhand High Court handed implicit the cases to the CBI successful November past year, they said.
The bureau traced them successful Mumbai wherever they were arrested connected Monday (June 1, 2026), the CBI spokesperson said successful a statement.
"Their arrests were made aft sustained and intensive efforts by the investigating squad involving investigation of voluminous fiscal records, introspection of slope transactions, postulation of oral grounds and extended tract probe conducted crossed antithetic States of the country," the connection said..
The bureau said the lawsuit pertains to allegations of amerciable postulation of nationalist deposits, cheating, transgression breach of trust, transgression conspiracy, cognition of unregulated deposit schemes, misappropriation of funds etc. by LUCC, affecting a ample fig of depositors crossed aggregate districts of Uttarakhand.
"Investigation, truthful far, has brought distant an unprecedented standard of victimisation of nationalist successful the authorities of Uttarakhand successful which a precise ample fig of investors (more than 1 lakh approx) were lured to put successful assorted unregulated deposit schemes of LUCC," the spokesperson said.
The full concern made by these depositors is estimated to beryllium astir ₹800 crore, the spokesperson said.
