100 Crore Scam by LUCC Company, Uttarakhand – November 29, 2025: A major cooperative investment fraud has shaken Uttarakhand, where the Loni Urban Multi Credit & Thrift Cooperative Society (LUCC) allegedly defrauded people of nearly ₹100 crore, primarily targeting low-income families. What initially surfaced as scattered complaints has now turned into one of the biggest financial scams in the hill state, prompting court-monitored CBI investigation and statewide protests by victims demanding justice.
High Court Orders CBI Inquiry After Dual PILs
The case escalated after a Rishikesh resident filed a Public Interest Litigation (PIL) in March 2025, urging a CBI probe into the ghee investment scheme operated by LUCC. Soon after, a second PIL was filed, reinforcing the demand for a central agency investigation.
On September 17, 2025, the Uttarakhand High Court officially ordered the Central Bureau of Investigation (CBI) to take over the case following hearings on both petitions. The CBI has since begun examining digital trails, deposit-collection methods, marketing practices and the wider interstate network behind the alleged fraud.
Small-Income Households, Women and Homemakers Hit Hardest
Police records compiled from multiple FIR investigations reveal that:
-
The fraudulent deposit scheme trapped mostly low-income working families
-
A large portion of victims were daily-wage earning women and homemakers
-
Agencies collected deposits promising high returns without mandatory regulatory registration
-
Similar incidents were reported not only in Uttarakhand but also across Uttar Pradesh and other Indian states, indicating LUCC was actively operating beyond its declared margins
National Network, Mumbai-Based Owner and Celebrity Endorsements
Investigation sources disclosed that LUCC’s alleged scam was managed by its owner Samir Agarwal, based in Navi Mumbai, Maharashtra. Multiple individuals, distributors and branch managers were named in FIRs for assisting in deposit mobilization and distribution of unverified investment products.
The case also flagged misuse of mass appeal, as the company reportedly involved well-known film and television actors such as:
-
Shreyas Talpade – Brand Ambassador
-
Alok Nath – Brand Ambassador, Andheri West, Mumbai
This aggressive marketing strategy is believed to have instilled misplaced trust among rural depositors who saw celebrity figures as validation of product credibility.
District Court Imposes Fines, Police Transfers Case
Before the matter was shifted to the CBI, Uttarakhand police made arrests of key individuals on provisions of:
-
Uttarakhand Competitive Examinations (Control & Prevention of Unfair Means) Act, 2023
-
Banning of Unregulated Deposit Schemes (BUDS) Act
-
Multiple sections of the Bharatiya Nyaya Sanhita (BNS)
The district court issued financial penalties on:
| Entity | Fine Imposed |
|---|---|
| LUCC Company Owner – Samir Agarwal (Navi Mumbai, Maharashtra) | ₹1,00,000 |
| Brahm Agency (Distributor) | ₹25,000 |
| Karan General Store (Retail Shop) | ₹15,000 |
The court also instructed strict compliance with the Food Safety & Standards Act, 2006, emphasizing consumer protection over emotional branding.
47 Named Accused, 10 FIRs, Chargesheets Filed
A total of 47 individuals and agencies have been officially named as accused in the scam, including company owners, chairpersons, distributors, actors, branch managers and ground-level agents operating across districts.
Between 2024–2025, Uttarakhand police registered 10 FIRs at the following police stations based on complaints:
📍 Rishikesh, Devprayag, Ghansali, Kotdwar, Pauri, Srinagar (Uttarakhand), Patel Nagar (Dehradun), Uttarkashi, Chamba, New Tehri, Patel Nagar (Dehradun)
All districts confirmed that chargesheets have already been filed against the accused, and the trials were being conducted under Special BUDS Act Court before the CBI takeover.
Victim-Led Agitations: Courtrooms to Raj Bhavan March
The case also witnessed multiple phases of protests:
-
March 2025: Victimized women staged demonstrations outside court premises
-
September 2025: Protests shifted to streets with mass gatherings
-
Victims marched toward the Raj Bhavan (Governor’s House) seeking direct intervention
-
Youth employment groups extended support, calling it not only fraud, but exploitation of Swadeshi sentiment
Consumer Rights Experts Demand Accountability
Civil society and consumer activists have emphasized that:
“Supporting Swadeshi means backing honest quality—not endorsing unverified claims. National branding cannot replace regulatory compliance.”
The CBI is continuing its probe and is expected to analyze the entire deposit-collection chain and possible interstate money-routing angles. Agency sources confirmed that more arrests are likely as the broader network is decoded.