Credforce Investors Forum (CIF) has demanded that the Gurgaon-based ed-tech firm Credforce should pay its dues totalling Rs 70 crores to investors.
There are 218 investors, among which 80 hail from Kolkata
Most of these investors are senior citizens and are undergoing various stages of treatments and operations that cost enormous amounts of cash, CIF members said in a press conference in Kolkata.
Anil Gupta, who is going through dialysis and suffers from multiple heart ailments, is one such investor.
The non-payment of expected dividends has caused Kolkata-based investor Apuurba Majumder, who also suffers from various heart-related issues, anxiety that has further led to other adverse health effects, they claimed.
Tanveer Dagman, son of concerned investor Kishwar Majid, said, "The educational background of Credforce Director Rajiv Gupta, a Wharton College, University of Pennsylvania alumnus, and the business sphere of the firm which is education and credentialing made us trust the organisation."
The enterprise had made repeated assurances to repay investors without paying back a single penny, as per various investors.
Over 80 percent of the investors are over 60-years-old and have invested their hard earned life savings into the firm, whose director Rajiv Gupta and wife Geetika Gupta, a senior employee at Accenture, have fled India to live in Austin, Texas, USA.
Currently, the couple are running another ed-tech service provider firm Edvantic in the US with revenues crossing the USD 30 man mark last year, as per the Credforce Investors Forum.
Seeking strong steps against Credforce management, retired school principal and Credforce investor Kishwar Majid, 75, said, "We need justice from the government."
She suggested that the Centre should "make arrangements to deport the Guptas and make them face legal consequences here."
In a win for the investors side, Credforce Director Sanjeev Shukla was arrested on Sept. 27 by the Economics Offence Wing of Delhi Police.
Presently, Shukla is in reprimand in Tihar Jail till Oct. 17 as per media reports.
Highlighting the firm's "dubious intentions", Credforce investor and widowed homemaker Veena Rohatgi, 76, said, "Credforce showed us a very rosy picture with their concocted financials and then defrauded me of my life savings."
"They made my survival, hand to mouth," she said
Highlighting on what Credforce investors want, troubled investor Abhenav Khettry said, "We want three actions to be undertaken- cancellation of Rajiv Gupta and Geetika Gupta's passports, pressure on the couple from the Indian Embassy in Washington, and legal punishment for all directors of Credforce."
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