In what is emerging as one of the biggest celebrity-endorsed cooperative investment frauds in India, the Central Bureau of Investigation (CBI) has launched a full-scale probe into the ₹500-crore financial scam linked to Launi Urban Multi State Credit and Thrift Cooperative Society (LUCC). The agency registered an FIR against 46 individuals, following a directive of the Uttarakhand High Court that transferred all cases related to the scam to the CBI.
The crackdown comes after thousands of investors — from pensioners to small-town business owners — were allegedly duped into depositing life savings, lured by assured double-money returns and “global investment ventures.”
Celebrity credibility exploited
Among those named in the FIR are well-known film actors Alok Nath and Shreyas Talpade, who served as brand ambassadors for the cooperative society’s promotional campaigns, lending legitimacy to what is now being investigated as a highly-organised financial racket.
Victims say these celebrity faces played a key role in gaining their trust.
“We saw respectable actors promoting it, so we felt our money was safe. Today, we have nothing left,” says investor Vivek Agarwal, who lost more than ₹10 lakh.
Foreign refinery claims, gold trading fiction
Investigators say that between 2019 and 2024, LUCC collected massive deposits by promising:
- Investments in oil and refinery projects abroad
- High-yield returns from gold trading
- 2x profit guarantees within a short duration
For the first year, small payouts were made to keep credibility intact, after which the operators disappeared overnight in early 2024, shutters down on all branches across the state.
18 FIRs merged — CBI consolidates scattered probe
Initially, Uttarakhand’s CID was investigating the case with 18 FIRs filed across nine districts, including Dehradun, Haridwar, Pauri and Nainital. But delays and mounting public distress pushed the matter to the High Court.
The CBI is now proceeding based on the original complaint filed by Kotdwar resident Tripti Negi, consolidating all related cases under one structured investigation.
Mastermind on the run — global chase underway
The primary accused, Sameer Agarwal, is reportedly hiding overseas.
The CBI has issued:
- A Look-Out Circular, and
- A Blue Corner Notice through Interpol
Sources confirm that both actors named in the FIR will likely be questioned in the coming weeks. One of them has already obtained interim relief from arrest from the Supreme Court.
Heartbreaking losses, lifelong savings wiped out
The scam’s victims represent some of the most financially vulnerable groups:
- Retired government employees
- Women’s self-help groups
- Small business owners and farmers
Across rural pockets, the economic and emotional fallout is described as devastating.
CBI focus: Follow the money trail
The agency is now examining:
- Bank transfers and shell accounts
- Marketing and branding contracts
- The role of advertising firms
- Celebrity remuneration and knowledge of the scheme
Officials are probing whether endorsements crossed into active involvement or if brand ambassadors were also deceived.
Bigger question: Can trust ever be restored?
Financial experts argue that the case exposes systemic weaknesses in India’s cooperative regulatory architecture — often under-supervised and easily exploited by fraud syndicates.
For thousands who lost everything, justice is the only hope left.
“This isn’t just a fraud — it’s a betrayal of trust,” says a retired schoolteacher who invested his pension savings.
What lies ahead
With CBI’s entry, more arrests and high-profile interrogations appear imminent. Investigators believe the scam could widen significantly as money flows are traced across state and international borders.
A senior officer summed it up:
“We are only looking at the visible surface. The network beneath might be far deeper.”
