Dehradun: The Central Bureau of Investigation (CBI) has filed a chargesheet against 18 accused, including Loni Urban Multi-State Credit and Thrift Co-operative Society (LUCC), in connection with an alleged ₹800 crore unregulated deposit scam that is alleged to have affected nearly one lakh investors across Uttarakhand.
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 various provisions of the Bharatiya Nyaya Sanhita (BNS), the Indian Penal Code (IPC), the Uttarakhand Protection of Interests of Depositors Act, and the Banning of Unregulated Deposit Schemes Act.
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, and LUCC.
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The CBI took over the investigation in 2025 following directions from the Nainital High Court, which ordered that all FIRs related to the alleged scam be transferred to the agency. The CBI registered the case on November 26, 2025, and assumed responsibility for investigating 18 FIRs lodged across Uttarakhand.
According to the investigation, LUCC was registered as a multi-state cooperative society in 2012. The agency alleges that Sameer Agrawal assumed control of the society’s management in 2016, constituted a new board of directors and subsequently launched allegedly unregulated deposit schemes through more than 50 branches across Uttarakhand.
The CBI alleges that investors were lured with promises of attractive returns, enabling the society to mobilise approximately ₹800 crore. Investigators have described Mumbai resident Sameer Agrawal as the alleged mastermind and claim that he later fled abroad along with his wife, Sania Agrawal.
The investigation further alleges that Shadab Husain, Uttam Kumar Singh Rajpoot and Dinesh Singh played significant roles in the society’s operations. According to the CBI, Sushil Gokharoo, Kishanlal Udaylal Jain and Pankaj Kushal Singh Jain opened bank accounts for 10 shell companies in Mumbai, through which investors’ funds were allegedly layered and diverted across hundreds of bank accounts.
According to the agency, seven accused have been arrested and remain in judicial custody. The CBI is continuing to investigate the money trail, the network of shell companies and the role of other individuals who may have benefited from the alleged fraud.
According to the Future Crime Research Foundation (FCRF), large-scale unregulated deposit scams frequently involve the diversion of investor funds through shell companies, layered banking transactions and complex financial structures designed to conceal the movement of money. Investors should invest only in schemes regulated by the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI) or other competent regulatory authorities, and remain cautious of promises of unusually high returns.
The investigation remains ongoing. The CBI said further legal action will be taken based on evidence collected during the investigation, while the role of all persons allegedly involved in the conspiracy continues to be examined.
