A massive investment scam has rocked Uttar Pradesh’s Baghpat district, with police registering an FIR against Bollywood actors Shreyas Talpade and Alok Nath, along with 20 others, for allegedly defrauding over 500 locals of more than Rs 5 crore. The case centers on the Loni Urban Multi-State Credit and Thrift Cooperative Society, which lured villagers with promises of doubling their money in five years through fixed deposits and other schemes. This marks the latest in a series of complaints against the society, which has faced similar accusations in multiple states since early 2025.
The FIR was lodged at Baghpat Kotwali police station on October 23, 2025, following a complaint by Babli, a resident of Meethli village. She accused a youth from Bijnaur village, linked to the society, of approaching her and others with attractive investment offers. Claiming the cooperative was registered under the Ministry of Agriculture and Cooperation, the agents convinced investors to deposit funds in branches, including one in Samalkha, Haryana.
How the Scam Unfolded
Babli detailed that after initial discussions with society officials, she invested Rs 1.90 lakh in a fixed deposit at the Baghpat center, redirected to the Haryana branch. This snowballed as agents roped in more victims, including Sharmila (an Anganwadi worker from Luhari village) and others like Suraj, totaling over 500 depositors across the district. The society appointed more than 25 agents to expand its reach, amassing over Rs 5 crore.
Red flags emerged on November 27, 2024, when the society abruptly shut down its transaction software, halting withdrawals. When Babli and others confronted officials at the Samalkha office, they received evasive responses. Further inquiries revealed widespread complaints from other facilitation centers and agents about non-payment of returns for over a year.
| Key Details of the Scam | Description |
|---|---|
| Total Fraud Amount | Over Rs 5 crore |
| Number of Victims | 500+ residents of Baghpat |
| Promised Returns | Double investment in 5 years via FDs |
| Operations | 25+ agents; branches in Haryana (Samalkha) |
| Trigger for FIR | Software shutdown on Nov 27, 2024; no payouts for 1 year |
Accused Roles: Celebrities as Brand Ambassadors
Talpade and Alok Nath are named as brand ambassadors who promoted the society at various events, lending credibility to the schemes and drawing in unsuspecting investors. Other key accused include:
- Sameer Agarwal: Managing Director (MD) of the society.
- Pankaj Agarwal: Personal Assistant (PA) to the MD; both reportedly fled to Dubai.
- 18 Others: Local agents involved in recruitment and collections.
Police have initiated a probe, including financial audits and witness statements, to trace the funds and the extent of celebrity involvement. No arrests have been made yet, but the case highlights regulatory gaps in multi-state cooperatives.
Broader Context: Ongoing Investigations Across States
This Baghpat case echoes earlier FIRs against the same society. In February 2025, Talpade and Alok Nath were booked in Lucknow’s Gomti Nagar for a Rs 9 crore fraud under the Human Welfare Credit Cooperative Society (linked to Loni operations). By March, similar complaints surfaced in Mahoba (UP), Jammu & Kashmir, and Sonipat (Haryana), with accusations of multi-level marketing and chit fund violations. The society allegedly ran 35 unauthorized branches in Uttarakhand alone.
Talpade has denied involvement, calling allegations “completely false and baseless” in March 2025, stating his role was limited to event appearances. In July 2025, the Supreme Court granted him interim protection from arrest in multi-state cases. Alok Nath received similar relief in September 2025 for the Haryana probe.
Authorities urge victims to come forward, warning against unregulated investment schemes promising unrealistic returns.
