The Central Bureau of Investigation (CBI) has arrested two accused persons in the Uttarakhand LUCC chit fund case from Mumbai. They have been identified as Kishan Jain, and Pankaj Jain alias Pankaj Chaudhary. They were arrested following the “analysis of voluminous financial records, examination of bank transactions, collection of oral evidence and extensive field investigation conducted across different States”.

In compliance with the order dated September 17, 2025 of the High Court of Uttarakhand, the agency had registered the case on November 26, 2025 against various office-bearers of Loni Urban Multi State Credit and Thrift Co-operative Society (LUCC) and others. It took over the probe of 18 First Information Reports instituted by the State Police.

The case pertains to allegations of illegal collection of public deposits, cheating, criminal breach of trust, criminal conspiracy, operation of unregulated deposit schemes, misappropriation of funds, etc.

According to the CBI, over one lakh people in Uttarakhand were lured into making investments in various unregulated deposit schemes of the LUCC. The total deposits are estimated to be about ₹800 crore.

The arrested accused were part of the conspiracy to route, handle, and use the funds.

The CBI had earlier arrested five accused persons on May 12 and 13, including three senior ‘cooperative promoters’ of the LUCC in Uttarakhand. They are currently in judicial custody at Sudhowala Jail in Dehradun.

The agency has also gathered details of several immovable properties acquired by the accused from the proceeds of crime. The details have been shared with the competent authority for the restoration of funds to the victims.