UP—FIR against Alok Nath, Shreyas Talpade in ₹9cr scam case
What's the story
Bollywood actors Alok Nath and Shreyas Talpade have been named in an FIR lodged at Gomti Nagar Police Station in Lucknow, Uttar Pradesh, ANI reported on Sunday.
The complaint states that the actors, along with five members of a Credit Cooperative Society, cheated 45 investors of ₹9.12cr.
This isn't the first time the actors have faced legal action, they were earlier booked in Sonipat, Haryana for their role in the same multi-level marketing (MLM) scam case.
Scam details
'Human Welfare Credit Cooperative Society' at the center of scam
The case pertains to a cooperative society which disappeared after taking huge amounts of money from many.
The society, Human Welfare Credit Cooperative Society, started operating in a couple of states including Haryana and Lucknow on September 16, 2016.
It was registered in Indore, Madhya Pradesh under the Multi-State Cooperative Society Act.
The society reportedly promised lucrative interest rates on FD and RD schemes to attract investors.
Deceptive tactics
Society's MLM model and false assurances
The society reportedly adopted an MLM model, luring people with promises of huge incentives.
It presented itself as a reliable financial institution, assuring investors that their money was safe.
An agent named Vipul said he opened over 1,000 accounts for the society but none have received any money to date, reported India TV.
The society had over 250 branches across the state and around 50 lakh people were associated with it.
Celebrity endorsement
Society's promotional tactics and Bollywood involvement
The society employed several ways to lure people to invest, from door-to-door visits by agents to online portals.
It also held grand functions in hotels where investors and agents were assured that their money was safe.
Nath and Talpade allegedly promoted the investment schemes of this society.
Another Bollywood actor, Sonu Sood, had reportedly graced one of its programs as the chief guest.