₹800 Crore LUCC Scam: Uttarakhand HC Orders CBI Probe Into MyFledge Network.

The ₹800 Crore LUCC Chit Fund Scam

• MyFledge CBI Probe: ₹800 Crore Scam Exposed by Unmesh Gujarathi

• Uttarakhand High Court’s CBI Probe Order

• MyFledge Director’s Nationwide Fraud Network

A massive ₹800 crore LUCC Chit Fund scam has come to light, with the MyFledge director now facing a CBI probe under orders from the Uttarakhand High Court. A division bench led by Chief Justice G. Narendar and Justice Alok Mehra directed the transfer of the investigation to the central agency after multiple petitions citing large-scale fraud. With at least 70 FIRs filed across India, the Sprouts News investigation uncovers a nationwide network of financial deception linked to the MyFledge group.

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MyFledge Director Faces CBI Probe in ₹800 Crore LUCC Chit Fund Scam; 70 FIRs Filed Across India

The MyFledge director is under CBI scrutiny for an ₹800 crore chit fund scam. Uttarakhand High Court ordered the probe into LUCC’s alleged fraud. This Sprouts News investigation uncovers a pan-India network with 70 FIRs and links to a Bollywood actor’s separate case.

Uttarakhand High Court Orders Central Bureau of Investigation Probe

A division bench led by Chief Justice G Narendar issued the directive. Justice Alok Mehra was also part of the significant ruling. The court responded to petitions demanding a CBI investigation. This transfers the case from state police to the central agency.

Court Directs Defrauded Investors to Lodge CBI Complaints

The bench authorised the CBI to formally undertake the investigation. It advised all aggrieved investors to submit complaints directly. Counsel for the CBI confirmed the agency’s readiness to proceed. Official permission letters were presented before the court.

State Police Claims Contradicted by 27 Aggrieved Investors

Uttarakhand police claimed several FIRs were already filed. They stated other cases were under active investigation. However, 27 investors disputed these official claims. They alleged their complaints were never formally registered with police.

The LUCC Chit Fund Scam Modus Operandi Exposed

LUCC opened offices across multiple Uttarakhand districts in 2021. These included prominent locations in Dehradun and Rishikesh. The company offered unrealistically attractive returns to investors. Local agents were appointed to lure unsuspecting citizens.

Company Operated Without Mandatory State Registration

LUCC failed to register under the Societies Registration Act. This legal requirement was completely ignored in Uttarakhand. The company abruptly shut down operations in 2023-24. Thousands of investors were left in severe financial distress.

Also Read: Panvel Land Scam: 275 Acres of Forest Sold Illegally.

Related Article: Actor Aayush Shah Files ₹4.44 Crore MyFledge Scam Case.

Related Article: Myfledge Directors Face 8 FIRs in Multi-Crore Fraud Probe.

Pan-India Fraud Scale: 14 FIRs in Uttarakhand, 56 Elsewhere

The scam’s magnitude extends far beyond Uttarakhand’s borders. Fourteen FIRs have been filed within the state alone. An additional 56 cases exist across other Indian states. The main accused is reportedly currently residing in Dubai.

Bollywood Actor Aayush Shah Files Criminal Cases

The Mahabharat actor has filed six criminal cases in Girgaon Court. The total amount involved is ₹4.44 crores in these cases. An additional case under Section 420 is filed in Andheri court. These target MyFledge directors and their family members.

MyFledge Directors and Family Named in Fraud Cases

The legal complaints name Badal Chandra Ghosh and Bijoya Subratkumar Das. Piyalee Shyamlendu Chatterjee is also named in documents. Bishwajit Badal Chandra Ghosh faces serious allegations. Shabab Hashim (Shabab Hussain) completes the list of accused.

Scam Dubbed “Bunty Aur Babli” for Deceptive Pattern

Advocates K.P. Dubey and Govind Ghogare are representing the cases. They compare the fraud method to the Bollywood blockbuster film. The pattern involves sophisticated deception techniques. This naming reflects the elaborate nature of the alleged scheme.

Systemic Failure: Petitioners Highlight

Government Accountability

Investors argue the entity operated without mandatory registration. This represents a catastrophic failure of regulatory mechanisms. The failure lies with promoters and state government simultaneously. Accountability must be established at every operational level.

Investigating Officer Presents Steps Before Court

The state investigating officer appeared during proceedings. He outlined steps taken by police so far. Petitioners remained unsatisfied with these explanations. They demanded more comprehensive investigative actions.

Public Interest Litigation Triggered Court Intervention

Ashutosh of Rishikesh originally filed the PIL. Several other aggrieved investors later joined the petition. This collective action forced the judicial intervention. The High Court took cognizance of the widespread fraud.

Ongoing Cases Against MyFledge by Students and Banks

Multiple legal proceedings continue against MyFledge directors. Students and banking institutions have filed separate cases. These are currently under active investigation. The legal web around the company keeps expanding.

A Test for India’s Financial Fraud Accountability

The MyFledge case represents a significant challenge for authorities. It tests India’s capacity to handle sophisticated financial fraud. The Sprouts News Special Investigation Team will monitor developments. Justice for thousands of investors remains the ultimate goal.