Shreyas Talpade Booked For Duping Villagers In A Multi-Crore Chit Fund Scam, Promised To Double The Money: Report

Dr. Uttam Singh Rajput, associated with LUCC, allegedly promoted the scheme by using endorsements from Shreyas Talpade and Alok Nath. Their association with the company reportedly convinced many people to invest. Investors were further encouraged to recruit others with the promise of commissions.

One of the complainants, Anis Ahmed from Triveni Nagar, stated that he was introduced to Dr. Rajput about eight years ago. Dr. Rajput claimed that LUCC was a government-registered society offering high returns. Trusting these assurances, Ahmed initially invested ₹10 lakh and later facilitated investments from 44 others, amounting to approximately ₹9.02 crore.

In November 2024, LUCC’s offices suddenly shut down, and its officials became untraceable. Investors' attempts to recover their funds failed, leading them to file complaints at various police stations. When no action was taken, they approached the court, which ordered the registration of the case.

The police have booked the accused under IPC sections 409 (criminal breach of trust) and 420 (cheating). Investigations are ongoing, and authorities are working to locate and take action against those involved.

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