An FIR has been filed against the multi-state cooperative ‘Human Welfare Credit Cooperative Society,’ headquartered in Lucknow, for allegedly duping investors with false promises of high returns.
Bollywood actors Alok Nath and Shreyas Talpade were also associated with promoting the co-op. Registered in Indore, Madhya Pradesh, under the Multi-State Cooperative Society Act, it began operations on September 16, 2016, expanding into multiple states, including Haryana.
With over 250 branches, the society used a multi-level marketing (MLM) model, attracting investors with lucrative fixed deposit (FD) and recurring deposit (RD) schemes, falsely assuring them of financial security before defrauding them.
