The Central Bureau of Investigation has filed a chargesheet against 18 accused, including the Loni Urban Multi-State Credit and Thrift Co-operative Society, in connection with an alleged ₹800 crore unregulated deposit scam.
The alleged investment scheme is believed to have affected nearly one lakh investors across Uttarakhand through a network of more than 50 branches.
Chargesheet Filed Before Special Court
The chargesheet was filed before the Special Court constituted under the Banning of Unregulated Deposit Schemes Act in Dehradun.
The accused have been charged under provisions of:
- Bharatiya Nyaya Sanhita
- Indian Penal Code
- Uttarakhand Protection of Interests of Depositors Act
- Banning of Unregulated Deposit Schemes Act
The allegations will now be examined during judicial proceedings before the competent court.
Eighteen Accused Named by CBI
Those named in the chargesheet include:
- Sameer Agrawal
- Shadab Husain
- Uttam Kumar Singh Rajpoot
- Sania Agrawal
- Maya Singh Rajpoot
- Jitendra Singh Niranjan
- Dinesh Singh
- Girish Chand Singh Bisht
- Urmila Bisht
- Jagmohan Bisht
- Mamta Bhandari
- Tarun Kumar Maurya
- Gaurav alias Gaurav Rohilla
- Sushil Gokharoo
- Kishanlal Udaylal Jain
- Pankaj Kushal Singh Jain
- Rajendra Singh Bisht
- Loni Urban Multi-State Credit and Thrift Co-operative Society
According to the CBI, seven accused have been arrested and remain in judicial custody.
CBI Took Over 18 FIRs
The CBI assumed control of the investigation in 2025 following directions issued by the Nainital High Court.
The court directed that all FIRs connected with the alleged investment scam be transferred to the central agency.
The CBI registered its case on November 26, 2025, and took over the investigation of 18 FIRs lodged across Uttarakhand.
LUCC Allegedly Operated More Than 50 Branches
According to the investigation, LUCC was registered as a multi-state cooperative society in 2012.
The CBI alleges that Sameer Agrawal assumed control of the society’s management in 2016, constituted a new board of directors and subsequently launched deposit schemes through more than 50 branches across Uttarakhand.
The agency alleges that these schemes were not regulated under the applicable financial framework.
Investors Allegedly Promised Attractive Returns
According to investigators, depositors were attracted through promises of high and assured returns.
The CBI alleges that the society used these representations to collect approximately ₹800 crore from investors.
The scheme allegedly expanded through:
- Local branches
- Deposit agents
- Referral networks
- High-return promises
- Community-level marketing
- Reinvestment of investor deposits
Investigators are examining the extent to which investor funds were used for legitimate business purposes.
Nearly One Lakh Investors Reportedly Affected
The alleged scam is estimated to have affected close to one lakh investors across Uttarakhand.
Many investors reportedly deposited savings after being persuaded that LUCC was a legitimate multi-state cooperative organisation offering secure financial products.
The investigation is examining:
- Deposit receipts
- Maturity commitments
- Agent records
- Investor registers
- Branch-level collections
- Refund and repayment records
The CBI is also identifying additional investors who may not yet have formally lodged complaints.
Sameer Agrawal Described as Alleged Mastermind
The CBI has described Mumbai resident Sameer Agrawal as the alleged mastermind behind the scheme.
Investigators claim that he later travelled abroad with his wife, Sania Agrawal.
The agency is examining their financial activities, overseas movements, corporate relationships and alleged control over the deposit collection network.
These allegations remain subject to judicial scrutiny.
Shell Companies Allegedly Used to Divert Funds
According to the chargesheet, multiple shell companies were allegedly used to layer and divert investor funds.
The CBI alleges that:
- Sushil Gokharoo
- Kishanlal Udaylal Jain
- Pankaj Kushal Singh Jain
opened bank accounts for 10 shell companies in Mumbai.
Investigators claim that investors’ money was subsequently moved through hundreds of bank accounts to make the financial trail difficult to trace.
Complex Money Trail Under Investigation
The agency is analysing:
- Bank accounts
- Shell company transactions
- Beneficial ownership records
- Branch collection data
- Agent commissions
- Digital communications
- Property purchases
- Related-party transfers
The objective is to identify the final beneficiaries and determine how much of the investors’ money can potentially be recovered.
Warning Signs of Unregulated Deposit Schemes
Unregulated investment and deposit schemes frequently display common warning signs, including:
- Assured or unusually high returns
- Aggressive agent-based recruitment
- Pressure to reinvest matured deposits
- Lack of RBI or SEBI registration
- Unclear use of investor money
- Payments routed through multiple entities
- Dependence on new deposits to repay earlier investors
Investors should independently verify the regulatory status of every financial product before depositing money.
How Investors Can Verify a Scheme
Before investing, individuals should check whether the product or entity is regulated by:
- Reserve Bank of India
- Securities and Exchange Board of India
- Insurance Regulatory and Development Authority of India
- Pension Fund Regulatory and Development Authority
- Ministry of Corporate Affairs
- Relevant cooperative authorities
The existence of a company registration, office, agent network or printed deposit receipt does not by itself establish that an investment scheme is legally authorised.
Conclusion
The CBI chargesheet marks an important stage in the investigation into the alleged ₹800 crore LUCC deposit scam.
The agency will continue examining the money trail, shell company network and role of additional individuals who may have benefited from the alleged diversion of investors’ funds.
All allegations remain subject to judicial proceedings, and the guilt or innocence of the accused will be determined on the basis of evidence presented before the court.
Shunyatax Global Insight
Shunyatax Global says that attractive returns should never be treated as proof of a safe investment. Unregulated deposit schemes frequently use local agents, community relationships and initial repayments to create confidence before larger sums are collected.
Investors should verify the regulator, audited financial statements, beneficial ownership, utilisation of funds and legal authority to accept deposits. Businesses and financial institutions should also monitor networks of shell companies and high-frequency transfers that may indicate layering or diversion of public money.