Shreyas Talpade, Alok Nath booked in new fraud case over investment plan

The case accuses the actors of misleading investors under a cooperative society scheme; both had earlier received Supreme Court protection from arrest

A fresh case has been filed against Bollywood actors Shreyas Talpade and Alok Nath, along with 22 others, over alleged fraud in connection with an investment scheme, according to news agency ANI. The complaint claims that the actors misled investors in the name of the Loni Urban Multi-State Credit and Thrift Cooperative Society.

 

Both Talpade and Nath served as brand ambassadors for the society. The case was registered at the city police station following a complaint from Babli, a resident of Baghpat.

Actors had received Supreme Court relief

The case follows earlier legal proceedings in which the Supreme Court had granted Alok Nath protection from arrest in a related fraud case tied to a questionable marketing scheme in Haryana. In September, a bench of Justices BV Nagarathna and R Mahadevan issued notices to the Haryana Police and others on Nath’s plea. The court also directed that no coercive action should be taken against the actor until the next hearing. 

 

Shreyas Talpade had also received similar protection from arrest in the same case, the top court had previously noted.

Earlier case against actors

According to PTI, both actors, along with 11 others, were previously named in a police complaint filed by 37-year-old Vipul Antil, a resident of Sonipat. Antil claimed that the two actors promoted the Human Welfare Credit Cooperative Society Ltd as brand ambassadors, which led people to invest in its financial schemes.

 

The complaint was against a multi-marketing company currently under investigation. The FIR, registered on January 22, includes charges under the Bharatiya Nyaya Sanhita, 2023, for criminal breach of trust and cheating.

Multi-level marketing model

The complaint claims that the society was created under the Multi-State Cooperative Societies Act and began operating in several states, including Haryana, from September 2016. It offered savings schemes such as fixed deposits and recurring deposits, presenting itself as a safe and trustworthy institution.

 

The society reportedly gained investors quickly through a multi-level marketing model and heavy advertising. It initially paid returns on time, but by 2023, payments began to stall.