Myfledge Director Under CBI Scrutiny in Rs.800 Crore Scam: 70 FIRs Filed Across India

The Uttarakhand High Court today ordered a Central Bureau of Investigation (CBI) probe into the LUCC chit fund scam that had defrauded citizens of the state of more than Rs.800 crores before the operators disappeared. The order was issued after a detailed hearing on petitions demanding that the case be transferred from the state police to the central agency. The division bench comprising Chief Justice G Narendar and Justice Alok Mehra directed all those who have lost money to the company to lodge their complaints with the CBI, which has now been formally authorised to undertake the investigation.

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During the proceedings, counsel for the CBI informed the bench that the agency had previously been asked if it was positioned to take up such a probe. The court was told that official permission had been received, and the approval letter was presented in court. Meanwhile, the state police, which had been handling the matter, claimed that several FIRs had already been filed and other cases were under investigation. However, 27 aggrieved investors disputed this claim, stating that their complaints had never been registered, making it impossible for them to seek redress. The bench advised these individuals to submit their complaints along with proof of investment directly to the CBI for appropriate action.

It may be recalled that the petitions in this matter were taken up following a public interest litigation filed by Ashutosh of Rishikesh, later joined by several others. Petitioners have alleged that LUCC opened offices across multiple districts of Uttarakhand in 2021, including Dehradun, Rishikesh, and Pauri, offering attractive returns. Local agents were appointed to lure investors, leading to significant mobilisation of funds from unsuspecting citizens. The company failed to register itself under the Societies Registration Act in Uttarakhand and abruptly shut down its operations across the state in 2023–24, leaving thousands of investors in distress. It has since come to light that 14 FIRs have been filed against the company in Uttarakhand and 56 in other states, while the main accused is reportedly now in Dubai. Investors, unable to locate the culprits, began blaming local agents who had convinced them to invest, with many such agents now facing police action.

The investigating officer appeared in court and presented steps taken so far, but petitioners asserted that if such an entity was allowed to operate without mandatory registration, the failure lay not just with the promoters but with both society and the state government. They demanded that accountability be established at every level and a thorough investigation conducted to secure justice for the victims.

In another development, actor Aayush Shah, known for his role in Mahabharat, has filed 6 criminal cases totaling Rs.4,44,48,000 filed at Girgaon Court, and 1 additional case of section 420 with many more sections for forgery and fraud in Andheri court against the MyFledge directors and their family naming Badal Chandra Ghosh, Bijoya Subratkumar Das, Piyalee Shyamlendu Chatterjee, Bishwajit Badal Chandra Ghosh and Shabab Hashim (Shabab Hussain). The scam has been named as "Bunty Aur Babli" a blockbuster film of Bollywood which traces a similar pattern. The cases are being represented by Advocate K.P. Dubey and Advocate Govind Ghogare of High Court.

There are many more on going cases on Myfledge directors and family by the students,banks and media publications ( for giving threats ) which are under investigation.

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