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Multi-Crore Investment Fraud Exposed: FIR Registered Against Bollywood Actors and Officials

Strategic Insights

— 1 min read

Over 500 investors from western Uttar Pradesh and Uttarakhand have been duped out of more than é 5 crore by Loni Urban Multi-State Credit and Thrift Cooperative Society, which promised to double their money in five years. The company, which had prominent Bollywood actors like Shreyas Talpade and Alok Nath as its brand ambassadors, abruptly shut down its transaction software on November 27, 2024, exposing the massive scam.

Key Takeaways:

  • 500 investors from western Uttar Pradesh and Uttarakhand were duped out of over é 5 crore by Loni Urban Multi-State Credit and Thrift Cooperative Society.
  • The company promised to double investors' money in five years and offered schemes such as recurring deposit (RD), fixed deposit (FD), and savings accounts.
  • The scheme gained traction after video advertisements featuring popular film actors surfaced on social media platforms, promoting the investment plan.
  • Bollywood actors Shreyas Talpade and Alok Nath allegedly served as the company's brand ambassadors and promoted the scheme in public programmes.
  • Company officials, including MD Sameer Agarwal and his aide Pankaj Agarwal, have fled to Dubai allegedly receiving life threats when investors demanded their money back.
  • Police have begun compiling a detailed report on the case, which is expected to be handed over to the Economic Offences Wing (EOW) for further investigation.
  • A similar FIR regarding the alleged scam was already registered in Uttarakhand.
  • Notices will soon be issued to all individuals linked to the alleged scam.

Statistics:

  • Over é 5 crore was duped from 500 investors.
  • Investors had invested amounts ranging from é 25,000 to over é 1 lakh in the scheme that assured double returns within a year.
  • The scheme was active for an unspecified duration before collapse.
  • November 27, 2024 is the date when company's transaction software was shut down.

Sources:

  • An FIR has been registered at Baghpat police station against 22 people.
  • Times of India: "Bollywood stars in soup: FIR filed against Shreyas Talpade and Alok Nath in multi-crore investment scam"
  • "Several investors, lured by the promise of huge returns, had invested amounts ranging from é 25,000 to over é 1 lakh in a scheme that assured double returns within a year."

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