Alok Nath, Shreyas Talpade Among 22 Booked For Duping 500+ Investors

Actors Alok Nath and Shreyas Talpade were named in the FIR for promoting ‘The Loni Urban Multi State Credit and Thrift Cooperative Society’, which allegedly defrauded over 500 people in Baghpat out of ₹5 crore by falsely promising lucrative returns.

A multi-state financial scam has surfaced in Baghpat, Uttar Pradesh, where the Loni Urban Multi State Credit and Thrift Cooperative Society allegedly cheated over 500 people of approximately ₹5 crore by promising to double their investments in five years.

Following a complaint filed by agents and victims, the Baghpat Kotwali police have registered a case against a total of 22 individuals, including Bollywood actors Shreyas Talpade and Alok Nath, who served as the society’s brand ambassadors.

Actors Under Scrutiny for Endorsement

The two actors, who frequently promoted the society at various events, are implicated in the case as their celebrity endorsement allegedly lent credibility to the scheme, influencing local residents to invest their savings.

This is not the first time the actors have been named in connection with the Loni Urban Cooperative Society. Reports indicate that similar fraud cases have been registered against the society and its officials in other states, including Uttarakhand. Authorities are now probing the extent of the actors’ role and responsibility in promoting the alleged fraudulent scheme.

The Modus Operandi

According to the complaint, local agents of the society approached villagers claiming the organization was legitimately registered with the Ministry of Agriculture and Cooperatives, Government of India.

Babli, a resident of Meetli village and one of the victims, detailed her loss, stating she had invested ₹1.90 lakh in a fixed deposit. Following her, hundreds of others, including an Anganwadi worker, Sharmila, invested their hard-earned money.

The fraud came to light after investors failed to receive any returns for over a year. The situation escalated drastically when the society allegedly shut down its transaction software on November 27, 2024. Agents’ attempts to seek explanations from the Samalkha branch in Haryana proved futile, leading them to lodge the formal complaint.

Kotwali in-charge Dixit Tyagi confirmed that a case has been registered against the 22 accused, and an investigation has been initiated to trace the absconding officials and the collected funds. The probe is expected to span multiple states given the society’s vast network.