Bollywood personalities Alok Nath and Shreyas Talpade have been named in a fraud case filed in Baghpat, Uttar Pradesh. Along with the two actors, 22 other people have also been accused. Reportedly, the complaint was filed by a local resident who alleged that villagers were promised large profits on their money if they invested in a cooperative society. The company, named The Loni Urban Muktistate Credit and Thrift Cooperative Society Limited, allegedly promised the villagers lucrative returns on their investments.
How the investment fraud worked
According to reports, the cooperative society sent its agents to rural areas to convince villagers to invest in their schemes. They were lured with claims of doubling their money in a short span of time. Reports state that after collecting large sums from villagers, the company abruptly ended operations and disappeared.
According to a report in News18, Babli, a resident of Meetli village and a victim of the fraud, revealed that a young man from Bijraul village linked to the society frequently visited their village. Babli said the man claimed that the society was registered with the Ministry of Agriculture and Cooperatives, Government of India.
After consulting company officials, Babli reportedly invested Rs 1.9 lakh, which was kept in a fixed deposit from the Baghpat center to the Samalkha branch in Haryana. Following Babli, others, including Sharmila—an Anganwadi worker from Luhari village—and Suraj also invested their money. In total, more than 500 people were duped.
It is alleged that on November 27, 2024, the society abruptly shut down its transaction software. Discussions with officials at the Samalkha office yielded no satisfactory explanations. Agents revealed that the society had appointed over 25 agents across the district, collecting investments amounting to over Rs 5 crore from more than 500 people.
A case has been filed based on the complaint, and the investigation is currently underway.
How are Shreyas Talpade and Alok Nath associated with the case?
Reports state that Shreyas Talpade and Alok Nath have been named as accused because they were brand ambassadors of the cooperative society. Authorities are investigating their involvement in the fraud and will proceed accordingly.
The case has been ongoing for a while, and Shreyas Talpade’s alleged link to the company was reported earlier this year.