The Central Bureau of Investigation (CBI) has linked 23 properties in Uttarakhand, Uttar Pradesh and Mumbai in connection with the multi-crore Loni Urban Multi-State Credit & Thrift Cooperative Society (LUCC) fund case, officials said on Thursday.
The agency said the case involves alleged embezzlement of more than… $419 crore and cheated over 1.6 lakh depositors, with properties worth approx $25 Crores attached so far. It identified several properties that the defendants allegedly obtained using fraud-related funds during the investigation.
Of the 23 properties that have been attached so far, six of them were attached in Uttarakhand through orders issued by the competent authority under the Ban on Unregulated Deposit Schemes (BUDS) Act. In Uttar Pradesh, 16 properties were seized after obtaining permission from a designated BUDS Act court. The attachment of one property in Mumbai has also been approved by a designated BUDS Act court in Maharashtra.
The CBI said it is in the process of obtaining official attachment orders for the Mumbai properties through the relevant authority in Uttarakhand. The officials added that efforts are underway to identify and seize additional assets linked to the accused.
As of now, the properties are worth approx $The agency said that Rs 25 crore has been attached in the case.
The CBI took over the investigation in 2025 on the directions of the Uttarakhand High Court, which ordered that several FIRs registered by the Uttarakhand Police in connection with the case be transferred to the central agency.
The security services arrested seven defendants in the case, all of whom are currently detained pending investigation.
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The agency said the case relates to the alleged fraud committed through LUCC, which allegedly duped investors in Uttarakhand by luring them into unregulated deposit schemes.
The CBI officially registered the case on November 26, 2025, after taking over all relevant FIRs from Uttarakhand Police. The case has been registered under various provisions of the Indian Penal Code (IPC), Bharatiya Nyaya Sanhita (BNS) Act, Uttarakhand Protection of Interests of Depositors Act and Prohibition of Unregulated Deposit Schemes Act.
According to the agency, the total deposits mobilized through the schemes are estimated at approx $800 Crores. While it is claimed that a portion of the deposits have been repaid, it is expected to exceed the amount of the fraud $400 Crores.
CBI officials said the investigation is ongoing and further action is expected as additional assets and financial transactions linked to the scam are traced.
