Baghpat, Uttar Pradesh | Correspondent —A multi-state cooperative society scam has rocked North India, with over 500 investors in Baghpat allegedly defrauded of nearly ₹5 crore. Police have filed a case against 22 individuals, including Bollywood actors Shreyas Talpade and Alok Nath, in connection with the alleged fraud run through The Loni Urban Multi-State Credit and Thrift Cooperative Society.
Authorities say the society lured investors by promising to double their money within five years through fixed deposits. When repayments stopped over the past year, several agents of the society themselves lodged the complaint, claiming they too were misled by senior officials.
Society Already Ordered Shut by Central Registrar
In March 2025, the Central Registrar of Cooperative Societies ordered the closure of the Loni Urban Cooperative after finding it had been operating illegally without mandatory government approval. The society, registered in Ghaziabad, had spread its operations across Uttar Pradesh, Uttarakhand, Haryana, and Himachal Pradesh, raising money from rural investors under the guise of a government-backed scheme.
Police records indicate that similar cases have already been registered in Uttarakhand, where a few officials were arrested earlier this year.
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Actors as Brand Ambassadors Under Scrutiny
Bollywood actors Shreyas Talpade and Alok Nath served as brand ambassadors for the society, appearing in promotional campaigns that highlighted its supposed government affiliation and credibility. Their involvement, police say, may have lent “undue legitimacy” to the scheme, persuading thousands to invest.
“Given their visible role in the promotions, we are examining the extent of their responsibility,” said DK Tyagi, the Baghpat Kotwali Station Officer, adding that a police team will soon be sent to Mumbai for further investigation.
How the Fraud Unfolded
Local agents from Meetli and Luhari villages said the fraud began when a man from Bizrana village approached them, claiming that the cooperative was approved by the Ministry of Agriculture and the Ministry of Cooperation. Convinced, the agents invested ₹1.9 lakh in a fixed deposit at the society’s Samalkha (Haryana) branch and encouraged hundreds of others to join.
In November 2024, the company abruptly shut down its digital transaction software, halting all withdrawals. When agents confronted officials at the Samalkha office, they received evasive answers — only to discover that similar complaints were emerging from neighboring districts.
Wider Network Across States
The FIR names 22 individuals from Haryana, Uttar Pradesh, Uttarakhand, Himachal Pradesh, Lucknow, Indore, and Mumbai. Among them are senior executives, regional managers, and marketing agents allegedly involved in mobilizing deposits. Investigators believe the network may extend further, involving financial intermediaries and front companies. Teams have been deployed to trace bank accounts, property records, and digital communications linked to the accused.
Broken Trust, Lasting Impact
Many victims are rural investors, including women and small traders, who invested their life savings in the belief that the cooperative was a government-recognized entity. Now, as they face mounting financial distress, police have launched a multi-state probe to recover evidence and trace assets.
“This isn’t just a local fraud — it’s a coordinated financial deception spanning multiple states,” said an official involved in the investigation. “We are determined to hold every person accountable who exploited public trust.”
