Shreyas Talpade, Alok Nath Among 22 Booked For Investment Scam In Uttar Pradesh

Shreyas Talpade and Alok Nath, among 22 others, have found themselves in trouble again owing to alleged fraud in the name of investment in the Loni Urban Multi-State Credit and Thrift Cooperative Society. The case was filed The case was filed at the city police station based on a complaint from Babli, a resident of Baghpat, as per news agency ANI. Shreyas and Alok were the brand ambassadors of this society.

"A case has been filed against Bollywood actors Shreyas Talpade and Alok Nath, along with 22 others. The complainant alleges fraud in the name of investment in the Loni Urban Multi-State Credit and Thrift Cooperative Society. Bollywood actors Shreyas Talpade and Alok Nath were brand ambassadors of this society. The case was filed at the city police station based on a complaint from Babli, a resident of Baghpat."

Details about the case

On January 22, a complaint was filed by Sonipat resident Vipul Antil, who accused thirteen people, including actors Alok Nath and Shreyas Talpade, of endorsing the Human Welfare Credit Cooperative Society Ltd. According to the police, the cooperative society allegedly operated under a multi-level marketing model, attracting investors with promises of high returns. Authorities say that since actors had been brand ambassadors of the firm, this encouraged people to invest by leveraging celebrity endorsements.

The complaint states that the society, set up in September 2016, presented itself as a secure financial institution offering fixed deposit and recurring deposit schemes. It further alleges that the society initially paid out maturities, but it ultimately defrauded investors by failing to deliver on its promises, causing significant losses to the public.

Later in September, the Supreme Court granted interim protection from arrest to actors Shreyas and Alok. A bench of Justices B V Nagarathna and R Mahadevan issued notices to the Haryana Police and other respondents on Nath’s plea. The court directed that "no coercive action" be taken against him until the next date of hearing.

The case is currently under investigation.

Also Read: ED Summons Kollywood Actors K Srikanth, Krishna Kumar In Money Laundering Case Linked To Alleged Cocaine Trafficking