Hundreds of investors claiming to have lost their savings in the alleged Canwiz investment scheme have launched an indefinite hunger strike at Damodar Park near Chowki Chauraha in Bareilly, demanding the return of their money and stricter action against those they hold responsible.
The protesters allege that the company attracted thousands of investors by promising unusually high returns and assurances of doubling investments within a fixed period before allegedly stopping payments. They claim that the absence of decisive action against the company's principal accused, Kanhaiya Lal Gulati, and other individuals associated with the firm has compelled them to begin the protest.
Investors Cite Multiple Criminal Cases
According to the protesters, more than 60 criminal cases have reportedly been registered against the company and its promoters in different parts of the country.
The investors allege that despite numerous complaints filed over the years, the principal accused has not been arrested. They further claim that when they approached company offices seeking repayment of their investments, they were allegedly served with legal notices instead of receiving their money.
These allegations have not been independently established in court.
Investors Describe Financial Hardship
Several protesters shared accounts of significant financial losses during the demonstration.
Among those who addressed the gathering:
- Dulari Devi (75) alleged that she invested ₹70 lakh after selling her land.
- Urmila Devi claimed she invested approximately ₹22 lakh, including funds saved for her daughter's marriage and retirement.
Both alleged they were promised that their investments would double within a specified period but have not recovered their money.
Other investors also claimed substantial losses, including:
- Pankaj Tripathi – ₹7 lakh (allegedly raised through a vehicle mortgage and gold loan)
- Ramlali – ₹19.5 lakh
- Gyan Prakash Saxena – ₹50 lakh
- Virendra Pratap Verma – ₹42 lakh
- Mohan Maurya – ₹12 lakh
- Vimlesh Kumar – ₹18 lakh
- Ajay Pal Singh – ₹35 lakh
- Om Prakash Gangwar – ₹2 lakh
- Rakesh Deval – ₹17 lakh
- Narendra Chaudhary – between ₹10 lakh and ₹12 lakh
Many protesters stated that they financed their investments by selling land, taking bank loans or borrowing from relatives and acquaintances, leaving them under severe financial stress.
Additional Allegations Raised During Protest
Some investors alleged that cheques issued against their investments were dishonoured or never honoured for payment.
Others claimed they were being asked to produce fresh proof of investment despite already pursuing legal remedies.
A few protesters also alleged that they received threats after demanding repayment of their investments.
These allegations remain subject to investigation.
Protesters' Demands
The demonstrators have called for:
- Immediate arrest of Kanhaiya Lal Gulati and other accused.
- Attachment of movable and immovable assets allegedly linked to the accused.
- Recovery and repayment of investors' funds.
- A fair and time-bound investigation.
- Strict legal action against those ultimately found responsible.
Protest organisers have declared that the indefinite hunger strike will continue until concrete action is taken by the authorities.
Investigation Continues
At the time of publication, the company and the accused had not publicly responded to the allegations raised by the protesters.
The matter remains under investigation, and judicial proceedings relating to the case are ongoing.
The protesters have stated that they will intensify and expand their agitation if they do not receive a satisfactory response from the authorities.
Legal Position
The allegations made by the protesters have not yet been adjudicated by a competent court.
The registration of criminal cases or ongoing investigations does not constitute proof of guilt. All accused are entitled to the presumption of innocence until proven guilty through due judicial process.
Shunyatax Global Insight
Investment fraud cases often involve allegations of unrealistic return promises, delayed payouts and prolonged legal disputes over recovery of investor funds. Such cases require detailed financial investigations, forensic examination of company records, tracing of fund flows and judicial scrutiny before criminal liability can be determined. Investors are generally advised to conduct thorough due diligence and verify regulatory compliance before committing funds to high-return investment schemes.
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