Dehradun: The Central Bureau of Investigation (CBI) has uncovered major financial irregularities in the functioning of LUCC (Latest Utilities and Cooperative Credit Society), revealing that the organization allegedly had no legitimate income-generating business and relied on funds collected from new investors to pay returns to earlier depositors.

According to the investigation, LUCC was registered in 2012 by Wajid Khan as a Multi-State Cooperative Society with the Central Registrar of Cooperative Societies. In 2016, Sameer Agrawal, identified as the principal accused in the case, took control of the society’s management and subsequently constituted a board of directors.

The CBI found that LUCC did not operate any genuine commercial activity capable of generating revenue. Instead, the agency alleges that the company attracted deposits from investors through various schemes and used fresh investments to repay maturing deposits, enabling the operation to continue. Investigators estimate that the society collected nearly ₹800 crore, of which around ₹400 crore was returned to depositors. The remaining funds were allegedly diverted into various investments and used to build an extensive business empire.

More Than 50 Branches Across Uttarakhand

After Agrawal assumed control, LUCC expanded its operations through more than 50 branches in Uttarakhand, offering a range of deposit schemes. Investigators have also raised questions over regulatory clearances. While the society reportedly received a No Objection Certificate (NOC) from the Uttarakhand Registrar of Societies in 2017, the CBI alleges that Agrawal had already been operating the organization unlawfully for nearly a year before the approval was granted.

The probe further revealed that LUCC lacked any sustainable business model that could legitimately generate returns to pay interest to depositors. Instead, it allegedly depended entirely on circulating funds collected from investors.

Alleged Use of Shell Companies

The investigation has also uncovered an alleged conspiracy involving 10 shell companies. According to the CBI, Sameer Agrawal, along with Kishanlal Udaylal Jain and Pankaj Kushal Singh Jain, opened bank accounts in the names of these entities to facilitate the diversion and misuse of depositors’ funds.

Money collected from investors in Uttarakhand was allegedly routed through these shell company accounts and subsequently layered through hundreds of other bank accounts in an apparent attempt to conceal the flow of funds. The CBI is continuing its investigation into these entities and has indicated that additional arrests may follow.

Roles of Key Accused according to investigators:

• Shadab Hussain, Uttam Kumar Singh Rajput, and Dinesh Singh served as office-bearers of LUCC and were allegedly responsible for overseeing the collection of investors’ funds.

• Tarun Kumar Maurya, identified as the society’s chest manager, handled key cash operations.

• Gaurav Rohilla and Mamta Bhandari allegedly transported cash collected from various branches to different locations, bypassing formal banking channels and reducing the traceability of transactions.

• Sushil Kumar Gokhru, along with Kishanlal Udaylal Jain and Pankaj Kushal Singh Jain, is accused of facilitating the creation of the 10 shell companies in Mumbai.

The CBI said the investigation remains ongoing and further irregularities have come to light, which are currently being examined. Officials indicated that action against additional individuals linked to the alleged fraud cannot be ruled out.

Disclaimer: This news is written on the basis of information received from different authentic sources.