Shreyas Talpade issues statement against allegations of his involvement in a multi-crore chit fund scam

On Friday, reports surfaced that the Jammu and Kashmir police have registered a fraud case against Bollywood actor Shreyas Talpade and 14 others for allegedly duping hundreds of villagers through a lucrative chit fund scheme. Following the allegations, Shreyas Talpade's team released a statement on his Instagram account, clarifying their stance on the matter.

Shreyas’ team denied all the allegations strongly, claiming that reports of his involvement in any such fraud cases are “false, baseless and devoid of any merit”. The statement read, “It is deeply unfortunate that in today’s world, a person’s hard-earned reputation appears to be vulnerable to undue tarnishment by unfounded rumours. Recent reports alleging Mr. Shreyas Talpade’s involvement in fraud or misconduct are completely false, baseless and devoid of any merit whatsoever.”

His team further emphasised that as a public figure, Shreyas is invited to many events where he goes just as a guest, however, he doesn’t have any connection with them and their functioning. “Needless to say, Mr. Talpade has no nexus whatsoever with any fraudulent or unlawful acts as are being alleged and/or circulated. We urge everyone to verify facts before spreading misinformation and request that Mr. Talpade’s name be kept away from these baseless rumors. Mr. Talpade is a law-abiding citizen who remains committed to maintaining the highest standards of integrity, honesty and professionalism in all of his endeavours,” his team said.

As per the report by Live Hindustan, the accused were running a company named ‘The Loni Urban Multistate Credit and Thrift Cooperative Society Limited. The company’s agents allegedly promised villagers that their investments would almost double in a short span of time.

Police said the company shut down operations and fled Mahoba district in Uttar Pradesh after collecting crores of rupees as investment from unsuspecting villagers. The company has been implementing the scheme in the district for the past ten years. A case has been registered at the Srinagar police station, and an investigation is underway to uncover the full extent of the scam.