The Canviz Company scam, which started from Bareilly, has become one of the biggest investment frauds in the country. Nearly 20 lakh people were defrauded of Rs 3000 crore in the name of multi-level marketing and investment schemes. Accused Kanhaiya Gulati is absconding.
Bareilly. If people’s life’s earnings are snatched away by dressing up their dreams as profit, then it will not be called fraud but organized crime. The Canviz Company scam, which started from Bareilly, is today being counted among the biggest investment fraud cases in the country. Police investigation has revealed that not just crores, but thousands of crores of rupees have been defrauded in the name of multi-level marketing and investment schemes.
How the game of Canviz Company started?
The foundation of Canviz company was laid around the year 2016-17. Company director Kanhaiya Gulati described himself as a big businessman related to real estate, FD, plotting, hotel and business investment. Investors were shown the dream of fixed returns every month and doubling or tripling of the amount in a few years. In the beginning, trust was built by paying some people, but this trust later proved to be the biggest mistake.
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Network spread from village to village, agents became weapons
Canviz Company spread a huge network of agents. Lure of huge commission, the agents roped in their relatives, friends and acquaintances for investment. Gradually this network spread from Bareilly to many states including Uttar Pradesh, Bihar, Jharkhand, Rajasthan. By showing big seminars, shiny cars and luxurious offices, people were assured that the company was completely safe.
20 lakh investors, defrauded of around Rs 3000 crore
According to investigating agencies, about 20 lakh people are trapped in this scam. Some invested Rs 50 thousand while some invested their entire savings, even the money kept for children’s education and daughters’ marriage. According to the figures revealed so far, the amount of fraud has reached around Rs 3000 crore. Hundreds of families in Bareilly and surrounding districts are completely financially broken.
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Offices closed after asking for money
When investors started demanding their money back, checks were first given, then the dates were extended. Ultimately the company offices were closed and mobile numbers were switched off. Only then did people realize that they had been cheated, but by then it was too late.
Kanhaiya Gulati’s criminal history
Kanhaiya Gulati, director of Canviz Company, is not a new name. According to police records, there are already more than 30 cases registered against him, including fraud, forgery, breach of trust and investment fraud. It is alleged that earlier also he has been raising money from people by forming companies in different names. As soon as questions arose, he would set up a new company. The role of his family and close agents in this entire network is also under investigation.
Police action and further investigation
After the matter came to light, Bareilly Police and Economic Offenses Wing became active. A total of 17 cases have been registered against Kanhaiya Gulati in the district and 35 across the country. At present the accused is absconding and a lookout notice has been issued against him. The police is investigating his properties and preparations are also underway to confiscate them.
According to Bareilly SSP Anurag Arya, this is a case of an organized gang, in which many agents and associates are involved. The police have appealed to the victims to come forward and lodge a complaint, so that the entire layers of this big investment scam can be exposed.
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