Police in Uttar Pradesh have intensified their pursuit of two fugitives accused of orchestrating a multimillion-rupee chit fund fraud that left hundreds of small investors devastated. The scheme, operated under the name LUCC, has already resulted in more than 40 arrests, but key figures remain beyond the reach of investigators.
Expanding Probe and Bounty Hike
The investigation, led by a Special Investigation Team (SIT), has uncovered how the company lured ordinary residents with promises of quick and substantial returns, only to siphon off their savings. Officials confirmed that over a dozen cases have been registered across police stations, painting a picture of systematic fraud.
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DIG Keshav Kumar Choudhary on Thursday announced a ₹50,000 reward for the arrest of Pankaj Agrawal, a resident of Indore, who police allege played a central role in the conspiracy. Agrawal had earlier been the subject of a smaller reward issued by the Superintendent of Police (SP) Mohammad Mushtaq, but after months of evasion, the amount was doubled.
Alongside him, another accused, Rizwan, a resident of the Nadipar locality near Laliteshwari Temple, now faces a ₹25,000 bounty. Both men remain at large, while their associates have already been taken into custody and jailed.
Authorities say the fraud was not confined to Lalitpur. One of the main operators, Sameer Agrawal, is believed to be based in Dubai. His absence has complicated the investigation, leading to separate reward announcements and requests for assistance from other jurisdictions.
A Trail of Victims and Legal Cases
The first complaint tied to the LUCC scam was registered in July 2024 at Kotwali Sadar, where residents alleged they had been duped under the pretext of high returns in a short time. By March 2025, further cases emerged, including one filed by local resident Rekha Barar, linking Rizwan to the company’s activities.
Investigators describe the scam as a classic pyramid-style operation, relying on community trust and aggressive promises of financial growth. Victims include daily wage earners and middle-class families who invested their modest savings.
While arrests have exceeded 40, the police acknowledge the scale of the fraud continues to widen. With fresh bounties announced, authorities have intensified search operations, signalling that efforts are far from over. For residents of Lalitpur, however, the question remains whether justice will bring restitution for the financial damage already done.