Big things in life have come to Bollywood actors Talpade and Nath with the names of these actors in the alleged multi-crore Baghpat fraud case in Uttar Pradesh. The case, registered by local investors, alleges that the actors along with 22 others. Lured hundreds of innocent victims through a cooperative society which promised supernormal returns on their investments. Shreyas Talpade, Alok Nath Booked in Massive UP Investment Fraud Case; Details Inside.
The complaint revolves around the Loni Urban Multi-State Credit and Thrift Cooperative Society Limited. Which allegedly took crores of rupees from small-time investors in rural areas. The promoters are said to convince people with attractive deposit schemes that their money would double within a few years’ time. Once a considerable amount was said to have been collected by the society, the organization reportedly decided to halt its operations leaving the investors unable to recover their money. Numerous complaints by depositors were alleged to have triggered the registration of FIRs against 24 persons, including the two actors.
Actors’ Reported Involvement
As per police sources, Talpade and Nath’s name fitted into the role of promoters. Who had used their credibility to influence more investors into the society. The two actors deny being promoters and state that they were ignorant of the inner workings of the cooperative and indeed the association was alleged to have misled investors. Authorities now look into their level of involvement, payments received, and promotional creatives from the campaign.
Current Legal Proceedings
Charges against various sections of the Bharatiya Nyaya Sanhita (BNS) concerning cheating, criminal breach of trust, and conspiracy have been brought in this case. The Supreme Court granted Shreyas Talpade’s interim protection from arrest, with the investigation underway. Another wide session of questioning and document review is expected to take place within the next few weeks.
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Wider Implication
The case has renewed discussions on whether to hold celebrities culpable for endorsing products. Particularly financial products targeted at rural investors. While the investigation itself proceeds, whatever results could set the tone for the future guidelines regarding celebrity endorsements of cooperative and financial ventures in India.
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