Bollywood actors Shreyas Talpade and Alok Nath are in trouble after a case was filed against them, along with 22 others, in a major investment fraud involving the Loni Multi-State Credit and Thrift Cooperative Society in Baghpat district, Uttar Pradesh. Shreyas and Alok had served as brand ambassadors for the society.
Case Filed Against Shreyas Talpade, Alok Nath Over Investment Fraud
Baghpat Kotwali Station House Officer DK Tyagi confirmed that an FIR was registered on October 20 against all 22 accused under Sections 418(4) (cheating) and 351(2) (criminal intimidation) of the Bharatiya Nyaya Sanhita (BNS), and Section 21 of the Banning of Unregulated Deposit Schemes Act. "We are examining the company’s digital transactions, bank accounts, and mobile applications. If required, assistance from the Economic Offences Wing (EOW) will be sought," he said to Hindustan Times.
Reportedly, more than 500 people in the district were duped of Rs 5 crore after being promised that their money would double in five years if they invested in the Loni Urban Multi-State Credit and Thrift Cooperative Society.
In July this year, the Supreme Court issued an interim order granting Shreyas Talpade protection from arrest while the investigation continues. Earlier, Shreyad and Alok, along with 11 others, were also named in a similar case related to a multi-level marketing fraud in Sonipat, Haryana.
Earlier, Talpade's team issued an official statement through his team, denying the reports and stating that he had no connection to the alleged fraud. Stating that there was no truth to the malicious claims, his team said, "It is deeply unfortunate that in today's world, a person's hard-earned reputation appears to be vulnerable to undue tarnishment by unfounded rumours. Recent reports alleging Mr. Shreyas Talpade's involvement in fraud or misconduct are completely false, baseless and devoid of any merit whatsoever."
The statement further read, "As a public figure, Mr Talpade, like many other celebrities, is frequently invited to various corporate and annual events, which he attends as and when possible. Needless to say, Mr Talpade has no nexus whatsoever with any fraudulent or unlawful acts as are being alleged and/or circulated."
