Bollywood Stars Entangled in Investment Fraud Scandal

A fake finance company has been exposed for duping over 500 investors, involving Bollywood actors Shreyas Talpade and Alok Nath. The Urban State Credit Cooperative Society Limited attracted investors with false promises of doubling their money. Both actors promoted the scheme, which led to severe trust issues.

A First Information Report (FIR) has been filed against 22 individuals, including noted Bollywood figures Shreyas Talpade and Alok Nath, in connection with a fraudulent finance operation that tricked hundreds of investors with promises of doubling their investments, authorities announced on Saturday.

Additional Superintendent of Police Praveen Singh Chauhan stated that the fraudulent company, Urban State Credit Cooperative Society Limited, headquartered in Loni, executed its deceitful investment strategies across multiple districts in western Uttar Pradesh such as Baghpat, Meerut, and Ghaziabad.

The company leveraged the star power of Talpade as a promoter and Nath as a brand ambassador to establish credibility with the public. However, following an influx of investor complaints, the company was found to have vanished, leaving numerous investors defrauded and their funds missing. Investigations are ongoing to determine the role of the celebrities and the scope of financial misappropriation.

(With inputs from agencies.)