UP Police Register FIR Against 22 Accused, Including Film Stars Shreyas Talpade and Alok Nath, for Duping Investors with ‘High Return’ Promises
Bollywood actors Shreyas Talpade and Alok Nath now face legal action in Uttar Pradesh, named among 22 individuals in connection with a major investment fraud case. Authorities registered a First Information Report (FIR) against the group for allegedly duping hundreds of investors—primarily villagers—by promising deceptively high returns on their deposits.
The legal entanglement centres on a cooperative society, which reportedly used the actors’ endorsements to establish trust and lure vast sums of money from unsuspecting individuals before allegedly shutting down operations. The case has sent ripples across the entertainment and financial sectors, raising serious questions about celebrity endorsements of investment schemes.
The core of the case involves an entity identified as The Loni Urban Multi-State Credit and Thrift Cooperative Society Limited. According to the complaint filed by a Baghpat resident named Babli, agents of the cooperative society actively targeted rural areas, pitching investment schemes that guaranteed lucrative profits.
Reports suggest the society promised investors they would double their money in a short span, possibly five years, creating a seemingly foolproof model for quick financial growth. Investors, convinced by the society’s marketing and the association of well-known film personalities, poured their hard-earned savings into the scheme.
The FIR states that Shreyas Talpade and Alok Nath served as brand ambassadors for the society. Their celebrity status allegedly played a crucial role in building credibility, directly influencing the villagers’ decision to invest. The complaint clearly emphasizes that the actors’ involvement helped the cooperative society attract hundreds of investors who believed their money was safe.
The dream of rapid returns quickly dissolved into a nightmare for the investors. According to police reports, after collecting substantial funds from the victims, the cooperative society abruptly ceased its operations around November 2024. The agents and key figures behind the scheme reportedly vanished, leaving the investors with no communication and no way to reclaim their capital.
Police sources indicate that the number of victims now exceeds 500, with the total losses estimated to be around ₹5 crore. Numerous agents, unable to answer to the distraught investors, finally approached the police, leading to the registration of the case at the city police station in Baghpat. The accusations against the 24 named individuals, including the two actors, include cheating and criminal breach of trust under the relevant sections of the law.
While the FIR names the Bollywood veterans as accused, their legal battles are already underway in related cases. Both actors have sought relief from the Supreme Court in connection with similar allegations.
In July this year, the Supreme Court granted Shreyas Talpade interim protection from arrest as the investigation continues. Following this, the apex court in September granted Alok Nath similar protection in a related case concerning a multi-level marketing fraud linked to another cooperative society in Sonipat, Haryana, where both were also named as brand ambassadors.
The interim orders mean authorities cannot take coercive action, such as arrest, against the actors until the next hearing. Nevertheless, their names remain prominent in the FIRs, and investigators must still determine the full extent of their involvement—specifically, whether they merely lent their image or actively participated in the alleged fraudulent activities.
The Uttar Pradesh Police have initiated a comprehensive probe into the affairs of The Loni Urban Multi-State Credit and Thrift Cooperative Society. Authorities are currently gathering evidence, tracing the money trail, and attempting to apprehend the main operatives of the alleged scam.
This incident strongly underscores the growing need for greater scrutiny and accountability for celebrities who endorse financial products and investment schemes. As public figures hold immense influence, their association with fraudulent operations can result in devastating financial losses for their fans and the general public.
Shreyas Talpade, last seen actively promoting his upcoming romantic comedy film Single Salma, and Alok Nath, the veteran actor affectionately known as ‘Babuji’ from his family-drama roles, now confront a major legal and public relations challenge as the multi-crore fraud investigation moves forward. The outcome of this high-profile case will set an important precedent for the responsibility of celebrity brand ambassadors in India.
