An alleged investment fraud involving Kanwhizz company CMD Kanhaiya Gulati has taken another turn, with Bareilly police registering a fresh case against Gulati and 12 others, after eight complainants alleged they were collectively cheated of around ₹84 lakh. The complainants alleged they were lured into investing money with a promise of a monthly return of 5%, but the payments were later stopped.
Who's Named in the Case
The case has been registered at Baradari police station following complaints submitted by the eight alleged victims. Police have named Kanhaiya Gulati, Jagatpal Maurya, Harendra Prakash Patel, Badam Singh, Naresh Patel, Sompal Patel, Anshul Maurya, Harpal Patel, Om Prakash Maurya, Pramod Singh Parihar, Yogendra Gangwar, and Yatendra Gangwar, besides an unidentified person. Investigators are examining the alleged investment scheme, the movement of money, and the individual roles of everyone named in the FIR.
A 5% Monthly Return, Allegedly Promised
According to the complaint filed by Vinod, a resident of Harunagla, he was introduced to people associated with Kanhaiya Gulati and the company through intermediaries. He was allegedly told that an investment of ₹1 lakh would generate a 5% monthly return for 22 months, with the principal amount to be returned in the 24th month.
Relying on this alleged promise, Vinod claimed he invested ₹5 lakh from his own account, ₹10 lakh from his mother Vimla Devi's account, and ₹6 lakh from his sister Aarti's account, bringing his total alleged investment to ₹22 lakh. He alleged he initially received returns for a few months, but the payments stopped in February 2025. When he allegedly demanded his money and returns, the accused threatened him and claimed to have influence over the police, according to the complaint.
Eight Complainants, Different Amounts
The other complaints mention varying alleged investments. Sunita allegedly lost ₹1 lakh, while Ramlali claimed to have invested ₹15 lakh and Lata Devi ₹5 lakh. Another complaint alleged that ₹19.40 lakh was taken from Sapna, her father, and her father-in-law combined. Usha Gupta allegedly invested ₹2 lakh, Subedar ₹4.50 lakh, Umesh Shankhdhar ₹6.50 lakh, and Ankit Patel ₹15 lakh.
The complainants alleged they arranged this money through different means, with some reportedly pledging jewellery or borrowing funds just to make these investments. Police are now examining the bookkeeping services in India-style bank account records through which the money was allegedly collected, and how the funds were subsequently transferred or used, systematically piecing together the financial picture across all eight complainants.
More Than 70 FIRs Already on Record
Kanhaiya Gulati has already been named in numerous alleged fraud cases in Bareilly. According to police records cited in this case, more than 70 FIRs have reportedly been registered against him, and a Special Investigation Team (SIT) has been formed to examine the allegations. Despite the sheer number of cases, Gulati has not been arrested so far, according to available information.
Investigators are now trying to determine how many people may have invested money under the alleged scheme, and the total amount collected through it overall. Examination of bank accounts and financial transactions could help establish whether these various cases are connected, and whether a wider network was involved.
A Separate Case in Nawabganj
Another case linked to Kanwhizz was recently registered at Nawabganj police station. Surjit Kumar Rastogi, a resident of Adarsh Nagar, alleged that Yatendra Kumar had persuaded him to invest in the company by promising a monthly return of 5%.
According to his complaint, Rastogi mortgaged his house and invested ₹3 lakh through Yatendra Kumar and Yogendra Kumar, alleging that the company office suddenly closed after April 2025. When he allegedly approached the accused to recover his money, he claimed he was abused and threatened with serious consequences. Following his complaint, police registered a case against Kanhaiya Gulati, Yatendra Kumar, Yogendra Kumar, and Pramod Parihar.
Tracing the Complete Financial Network
With fresh complaints continuing to emerge, investigators face the challenging task of tracing the complete financial network behind this alleged investment scheme. The probe is expected to examine company bank accounts, money received from investors, the role of various agents, and the subsequent movement of funds.
Police will also have to establish whether the alleged promise of fixed monthly returns was part of a structured investment scheme, and whether money collected from new investors was being used to make payments to earlier investors, a classic Ponzi-style pattern. The allegations remain subject to investigation, and registration of an FIR does not by itself establish guilt. The police investigation will ultimately determine how the money was collected, why the alleged payments stopped, and where the funds finally ended up.
FAQs
Q1. How much money did the eight complainants allege they lost collectively?
The eight complainants alleged they were collectively cheated of around ₹84 lakh through an investment scheme promising 5% monthly returns.
Q2. How many FIRs have reportedly been registered against Kanhaiya Gulati?
According to police records, more than 70 FIRs have reportedly been registered against Gulati, prompting the formation of a Special Investigation Team (SIT).
Q3. What happened in the separate Nawabganj case linked to Kanwhizz?
Surjit Kumar Rastogi mortgaged his house and invested ₹3 lakh after being promised 5% monthly returns, but alleged the company office suddenly closed after April 2025, leading to a separate FIR at Nawabganj police station.