Bollywood actors Shreyas Talpade and Alok Nath, along with 22 others, have been reportedly named in an investment fraud case in Uttar Pradesh. It involves the Loni Urban Multi-State Credit and Thrift Cooperative Society. Since the two actors were the brand ambassadors of the entity, it had promised large profits to local residents as a return on their investment. The complaint was filed by an individual, Babli, from Bhagpat, in a city police station, as per ANI.
Several reports suggested agents of the cooperative society had visited rural areas and promised them double the amount of money they would have deposited. As the investigation is ongoing, the actors were involved only because they were the face of the alleged investment fraud case.
Action against society
This marks the only major update on the case since July 2025, when the Supreme Court issued an interim order. It gave Shreyas Talpade immunity against arrest, as the investigation carries on. This came after an order dated 3 March, 2025 from the Central Registrar of Cooperative Societies (CRCS) to liquidate the Loni Urban Multi-State Credit and Thrift Cooperative Society, with the official stamp of approval from Rabindra Kumar Agarwal. It was with reference to multiple complaints received regarding the failure to pay matured deposits and to comment on the same. In fact, the society had already received a warning to wind up its operations in January 2025.
In August 2023, the society was also issued a show cause notice from the CRCS, however, the response remained “contradictory”.
Other reports also add that the FIR names 22 other individuals from Haryana, Uttar Pradesh, Uttarakhand, Himachal Pradesh, Lucknow, Indore, and Mumbai. It includes senior executives, regional managers, and marketing agents, allegedly involved in the financial transactions.
Earlier this year, there were 11 others, along with Nath and Talpade, who were named in a similar case. However, that was related to a multi-level marketing scam in Sonipat, Haryana.
Who all have been affected?
As per a TOI report, nearly 500 investors were affected across Uttar Pradesh and Uttarakhand, and were allegedly duped of Rs 5 crore. The society, abruptly, had discontinued their payment gateway in November 2024, and thus, the investors started to worry. They were reportedly promised returns from Rs 25,000 to Rs 1 lakh after several video endorsements, and other promotional content.