Investigation – CBI Files Chargesheet in Uttarakhand Deposit Fraud Involving Rs 800 Crore
Investigation –The Central Bureau of Investigation (CBI) has filed a chargesheet against 18 individuals and the Loni Urban Multi-State Credit and Thrift Co-operative Society (LUCC) in connection with an alleged deposit fraud worth around Rs 800 crore in Uttarakhand. According to investigators, the suspected financial scam impacted nearly one lakh investors who had placed money in various investment schemes promoted by the cooperative society. The chargesheet was presented before the Special Court under the Banning of Unregulated Deposit Schemes Act in Dehradun on Friday.
Charges Filed Under Multiple Laws
The accused have been booked under several legal provisions, including the Indian Penal Code (IPC), the Bharatiya Nyaya Sanhita (BNS), 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, along with LUCC.
High Court Order Led to Central Investigation
The investigation came under the CBI after the Nainital High Court directed in 2025 that all FIRs related to the alleged fraud be transferred to the central agency. Following the order, the CBI formally registered the case on November 26 and assumed responsibility for probing 18 separate FIRs that had been lodged in different parts of Uttarakhand.
Cooperative Society Expanded Deposit Schemes
According to the investigation, LUCC was established in 2012 as a multi-state cooperative society by Vajid Khan. The agency alleges that Sameer Agrawal assumed control of the society’s management in 2016 and formed a new board of directors. Investigators claim that after taking charge, the society introduced multiple unregulated deposit schemes through more than 50 branches operating across Uttarakhand.
Officials stated that investors were allegedly attracted by promises of high returns, resulting in deposits amounting to nearly Rs 800 crore.
Alleged Diversion of Investors’ Funds
The CBI has identified Sameer Agrawal, a resident of Mumbai, as the alleged key figure behind the operation. Investigators claim he exercised control over the society’s management and major financial decisions before reportedly leaving India along with his wife, Sania Agrawal.
The agency further alleged that senior office-bearers, including Shadab Husain, Uttam Kumar Singh Rajpoot and Dinesh Singh, played important roles in managing the society’s activities. Investigators also claimed that Sushil Kumar Gokharoo, together with Kishanlal Udaylal Jain and Pankaj Kushal Singh Jain, facilitated the opening of bank accounts for 10 shell companies in Mumbai. The probe suggests that investors’ money was routed through these entities before being distributed across hundreds of different accounts using layered financial transactions.
Seven Accused Remain in Judicial Custody
The investigation has so far resulted in the arrest of seven accused, all of whom are currently lodged in judicial custody. The CBI has indicated that the investigation into the financial transactions and movement of funds remains an important part of the ongoing legal process.
Meanwhile, actor Ayush Shah, who has described himself as a victim of a similar fraud-related network, welcomed the pace of the investigation. He said the progress in the case has strengthened confidence that large-scale financial fraud cases can be investigated promptly and pursued through the legal system.