2 masterminds held for cheating 1,00,000 people of ₹800 cr in chit fund scam

The CBI arrested two alleged masterminds, Kishan Jain and Pankaj Jain, for cheating over one lakh investors of around ₹800 crore in a chit fund scam linked to Loni Urban Multi-State Credit and Thrift Co-operative Society (LUCC). They were caught in Mumbai. Uttarakhand Police had filed 18 FIRs in the case before it was transferred to CBI in late 2025.