Actors Shreyas Talpade, Alok Nath booked in co-op society ‘fraud’

“After this society took deposits from more than 500 people, the office bearers of the society ran away and did not return the money to customers. In the complaint, the informant also mentioned that two actors were advertising the firm,” Rai said.

The complainant, identified as a local resident named Babli, alleged the society operated through agents active in districts including Baghpat, Shamli and Meerut and promoted a range of schemes, fixed deposits, recurring deposits, Sukanya Yojana, Ayushman plan, savings accounts and ATM-linked policies.

Victims say the company promised to double money within a stipulated period; according to police, the total alleged fraud runs to nearly Rs 5 crore.

An FIR was filed on October 20 against 22 accused under sections 318(4) and 351(2)), of the Bharatiya Nyaya Sanhita and the Banning of Unregulated Deposit Schemes Act and relevant sections of the Society Registration Act, officials said.
The complaint submitted to the Baghpat district magistrate included names, addresses and contact details of directors and executives from UP, Haryana, Madhya Pradesh and Mumbai.

“We are examining the company’s digital transactions, bank accounts and mobile applications. If required, assistance from the Economic Offences Wing will be sought,” a police official said.

The investigators have seized accounts and are tracing funds. Police said an FIR was earlier filed in Uttarakhand in the same scheme. Both Talpade and Nath were named as brand ambassadors of the cooperative society and had appeared in advertisements that, victims say, lent credibility to the scheme, police said.