Bollywood Actors Among 22 Accused in Major Investment Fraud

Police in the Baghpat district of Uttar Pradesh have registered a significant investment fraud case involving Bollywood actors Shreyas Talpade and Alok Nath, among 22 others. The accused allegedly defrauded over 500 investors of nearly ₹ 5 crore by enticing them to invest in a fake cooperative society that promised to double their money within five years.

The actors reportedly served as brand ambassadors for the fraudulent cooperative society, lending it an air of credibility. According to the police, an FIR was filed on October 20, 2024, under various sections of the Bharatiya Nyaya Sanhita (BNS) and the Banning of Unregulated Deposit Schemes Act.

Details of the Allegations

The complaint, filed by a local resident named Babli, claims that the Loni Urban Multi-State Credit and Thrift Cooperative Society Limited acted as a front to gather funds from rural investors across western Uttar Pradesh and parts of Haryana. The company’s agents were reportedly active in districts like Baghpat, Shamli, and Meerut, where they collected significant sums from villagers under various investment schemes.

Investors were assured that their deposits were secure and that the company was registered with the Union Ministry of Agriculture and Cooperation. Tempted by the promise of substantial returns, many individuals invested their life savings. Babli stated that she personally invested ₹ 1.9 lakh in a fixed deposit at the firm’s Samalkha branch in Haryana.

As the fraud began to unravel, the company unexpectedly halted all financial transactions on November 27, 2024, and ceased operations. When investors attempted to reach out to company representatives, they found their calls went unanswered. Agents later disclosed that the firm had appointed over 25 representatives in the region, who collectively gathered approximately ₹ 5 crore from more than 500 individuals.

Investigation Underway

In a letter to Asmita Lal, the district magistrate of Baghpat, the victims provided a detailed list of the 22 accused, including directors and executives from Uttar Pradesh, Haryana, Madhya Pradesh, and Mumbai. The complaint alleged that the company employed various schemes to solicit funds, including fixed deposits (FD), recurring deposits (RD), Sukanya Yojana, Ayushman Plan, savings accounts, and ATM-linked policies.

Baghpat Kotwali station house officer DK Tyagi confirmed ongoing investigations, stating that authorities are examining the company’s digital transactions, bank accounts, and mobile applications. If necessary, they will seek assistance from the Economic Offences Wing (EOW) to ensure a thorough investigation of the alleged fraud.

As the case unfolds, authorities hope to provide justice to the victims and hold the accused accountable for their actions. The involvement of prominent figures like Talpade and Nath has brought heightened attention to the case, raising questions about the responsibility of celebrities in endorsing financial schemes.