Overview
- The CBI arrested Kishan Jain and Pankaj Jain in Mumbai on Monday after multi‑state financial and field enquiries, and will seek transit remand to produce them before the Dehradun BUDS Act court.
- The probe was handed to the CBI by the Uttarakhand High Court and formally registered by the agency’s Anti‑Corruption Branch in Dehradun on November 26, 2025 when it took over 18 FIRs from state police.
- Investigators say the Loni Urban Multi‑State Credit and Thrift Co‑operative Society mobilised about Rs 800 crore from over 100,000 investors through unregulated deposit schemes and that the case includes charges of cheating, criminal breach of trust, criminal conspiracy and offences under the BUDS and UPID laws.
- Earlier in May the CBI arrested five more suspects, including three senior LUCC promoters who remain in judicial custody at Sudhowala Jail in Dehradun as the agency builds its financial case.
- The CBI has traced several immovable properties allegedly bought with the proceeds, asked the Uttarakhand finance department to freeze those assets, and urged that they be used to compensate victims while further forensic bank‑transaction work and prosecutions continue.