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 that they were collectively cheated of around ₹84 lakh. The complainants alleged that they were lured into investing money with a promise of a monthly return of 5 per cent, but the payments were later stopped.
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 those named in the FIR.
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 per cent monthly return for 22 months, with the principal amount to be returned in the 24th month.
Relying on the alleged promise, Vinod claimed that 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, taking his total alleged investment to ₹22 lakh.
The complainant alleged that 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 allege different amounts
The other complaints mention different 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. Ushа Gupta allegedly invested ₹2 lakh, Subedar ₹4.50 lakh, Umesh Shankhdhar ₹6.50 lakh and Ankit Patel ₹15 lakh.
The complainants alleged that they arranged the money through different means, with some reportedly pledging jewellery or borrowing funds to make the investments.
Police are now examining the bank accounts through which the money was allegedly collected and how the funds were subsequently transferred or used.
More than 70 FIRs reportedly registered
Kanhaiya Gulati has already been named in numerous alleged fraud cases in Bareilly. According to police records cited in the case, more than 70 FIRs have reportedly been registered against him. A Special Investigation Team (SIT) has also been formed to examine the allegations.
Despite the number of cases, Gulati has not been arrested so far, according to the 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. Examination of bank accounts and financial transactions could help establish whether the cases are connected and whether a wider network was involved.
Separate case registered 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 per cent.
According to his complaint, Rastogi mortgaged his house and invested ₹3 lakh through Yatendra Kumar and Yogendra Kumar. He alleged that the company office suddenly closed after April 2025.
When he allegedly approached the accused to recover his money, he claimed that he was abused and threatened with serious consequences. Following the complaint, police registered a case against Kanhaiya Gulati, Yatendra Kumar, Yogendra Kumar and Pramod Parihar.
Investigation shifts towards financial trail
With fresh complaints continuing to emerge, investigators face the task of tracing the complete financial network behind the alleged investment scheme. The probe is expected to examine company bank accounts, money received from investors, the role of 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 the money collected from new investors was used to make payments to earlier investors.
The allegations remain subject to investigation, and registration of an FIR does not by itself establish guilt. The police investigation will determine how the money was collected, why the alleged payments stopped and where the funds ultimately went.
