The Uttarakhand High Court has directed the Central Bureau of Investigation (CBI) to investigate the chit fund scam involving LUCC company, which allegedly defrauded citizens of over ₹800 crore through local agents before absconding. The court further instructed that victims can directly approach the CBI with their complaints along with proof of payment.
During the hearing before Chief Justice Justice G. Narender and Justice Subhash Upadhyay, the CBI submitted that it had already received permission to carry out the investigation and presented the approval letter in court. Meanwhile, Uttarakhand Police informed the bench that several FIRs have been filed, and more are under investigation. However, counsel representing 27 victims argued that the police had not yet registered cases in many instances, without which recovery of money would be impossible. The court directed victims to file complaints with supporting documents like payment receipts.
The petitions, filed by Rishikesh resident Ashutosh and others, highlighted that LUCC launched offices in Dehradun, Rishikesh, and Pauri in 2021, luring citizens across multiple districts with promises of attractive returns. The company also appointed local agents to build trust and attract more investors. People invested in large numbers, even though the firm never registered under the Societies Registration Act in the state.
By 2023–24, LUCC abruptly shut its offices and disappeared. Subsequent complaints led to 14 FIRs in Uttarakhand and 56 more cases in other states. Investigations later revealed that the prime accused had fled to Dubai. With the company absconding, investors are now facing harassment from agents, while the agents themselves claim they are being pressured by the police.
