Uttarakhand Police have apprehended five individuals accused of defrauding citizens out of crores of rupees through a fraudulent cooperative society in Pauri Garhwal district. The suspects are believed to have orchestrated similar scams in other states, with a staggering Rs189 crore deposited into the society’s main account, which is currently under investigation.
Senior Superintendent of Police (SSP) Lokeshwar Singh informed ETV Bharat that the preliminary investigation revealed that the money collected from the public was allegedly being funneled abroad for hawala transactions.
The case came to light following a complaint by Tripti Negi, a resident of Kotdwar, against the senior officials of “The Loni Urban Multi-State Credit & Thrift Co-operative Society (LUCC).” Named in her complaint were Vineet Singh, the manager, and Pragya Rawat, the cashier of the Dugdda branch.
Negi alleged that the duo took her money to open a recurring deposit (RD) but failed to provide any documentation or make the deposit, thus cheating her.
In response to her complaint, police registered a case and established a special investigation team led by the Additional Superintendent of Police in Kotdwar.
Investigations revealed that Girish Chandra Singh Bisht, known as GCS Bisht, opened a LUCC branch in Rishikesh in 2016, promising lucrative returns to lure investors. To date, Bisht has opened approximately 35 branches across Uttarakhand, including locations in Kotdwar, Satpuli, and Srinagar, as well as in other districts like Dehradun and Rudraprayag.
Bisht enlisted four individuals as branch heads to assist in the operation: Mangala and Tarun Maurya from Meera Nagar Rishikesh, Sonu from Herbertpur Vikasnagar, and Urmila Bisht from Rishikesh. Their task involved collecting money from various branches and forwarding it to Bisht.
To attract investments, Bisht and his team organized seminars and initially rewarded investors with foreign trips and lavish gifts, building a false sense of security among them.
The investigation also uncovered five complaints against LUCC Society in Kotwali Lalitpur, Uttar Pradesh, in 2024, and similar issues in Madhya Pradesh. Authorities suspect that Sameer Agarwal, currently in Dubai, played a significant role by establishing a network of societies, including LUCC, since 2016.
Additional individuals implicated in the scheme include RK Seddi, a finance advisor, Sanjay Mudgil, a trainer, and Parikshit Parsi, a legal advisor. Police believe Agarwal fled to Dubai after failing to repay maturity amounts owed to LUCC account holders.
This year alone, investors have reported approximately Rs50 lakh in matured funds at the Dugadda branch, which have not been returned. Despite Rs189 crore being deposited in LUCC’s primary account, only Rs2 lakh remains, with the rest allegedly transferred to private accounts.
During the investigation, it was confirmed that the cooperative lacked valid documents necessary for its establishment in Uttarakhand. Those arrested include Jagmohan Singh Bisht (51), his wife Urmila Bisht (45), Pragya Rawat (25), Vineet Singh (37), and Girish Chandra Bisht (59).