An FIR has been registered in Uttar Pradesh’s Baghpat against 22 people, including Bollywood actors Shreyas Talpade and Alok Nath, for allegedly promoting a fraudulent finance company that duped hundreds of investors with false promises of doubling their money within a year, officials said on Saturday.
According to Additional Superintendent of Police (ASP) Praveen Singh Chauhan, the accused company — Urban State Credit Cooperative Society Limited, based in Loni — ran dubious investment schemes across western Uttar Pradesh through local agents. The schemes were active in districts such as Baghpat, Meerut, and Ghaziabad.
Police said the company used popular film personalities to attract investors and lend credibility to its operations. “Shreyas Talpade was projected as the promoter, while Alok Nath was introduced as the brand ambassador to gain people’s trust,” Chauhan said.
Over 500 investors are believed to have deposited lakhs of rupees in the firm. However, when they tried to withdraw their money after a year, they discovered that the company’s offices were shut and its officials had gone missing.
A local resident, Babli, lodged a complaint alleging that the company even forged signatures on official documents to misappropriate funds.
Following multiple complaints, police booked the accused under sections related to cheating, forgery, and criminal conspiracy.
ASP Chauhan confirmed that an investigation is underway to track the company’s financial transactions, identify all those involved, and determine the extent of participation of the celebrities whose names and images were used for promotions.
