India, March 29 -- 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. Shre...