Investment fraud : A serious investment scam has been uncovered in Baghpat district, Uttar Pradesh. A cooperative society is accused of defrauding people of over ₹5 crore by promising them “money doubling in five years.” According to complaints filed, over 500 investors have been duped.
Complainant Babli, a resident of Meetli village, filed an FIR at the city police station. It is alleged that the organization, The Loni Urban Multi-State Credit and Thrift Cooperative Society Limited, lured investors by claiming to be “registered with the Ministry of Agriculture and Cooperation of the Government of India.”
Agents traveled to rural areas and lured investors with offers of FDs, RDs, Sukanya Samriddhi Scheme, and other savings schemes. Furthermore, they were lured with the promise of investment facilities through digital apps and software.
Investors were assured that their money would double in five years. Subsequently, the organization abruptly shut down its transaction platform (software). According to the complaint, the shutdown occurred on November 27, 2024.
Investors subsequently received no refunds, and the agent-branch operators failed to respond. Police say a total of 22 accused have been charged in this case, including actors Shreyas Talpade and Alok Nath—who are said to be brand ambassadors of the organization.
Victims have reported receiving threats and experiencing stress; some have even expressed fear of suicide. They have demanded an investigation by the Central Bureau of Investigation (CBI) or the Enforcement Directorate (ED).
Leave a Reply