Man dupes 64 farmers of crop proceeds worth Rs. 3.5cr
What's the story
Delhi Police's Economic Offenses Wing has arrested a man for allegedly duping over 60 farmers by persuading them to retain the proceeds of their sold crops with him on the pretext of giving them higher returns, officials said on Friday. According to police, the accused Prem Chand (60) duped around 64 farmers of approximately Rs. 3.5 crore.
Incident
Accused fled when farmers demanded their money back
The gullible farmers sold their crops and grains to the accused's shop in the Narela grain market and since he was in debt due to business losses, he started retaining the proceeds of their crops by inducing them with assurance of higher returns and issued receipts for the same. But when farmers demanded their money back, Chand shut his shop and fled to Faridabad.
Complaint
The complaint was filed by a group of farmers
"An inquiry was initiated against Chand based on a complaint filed by a group of farmers," police said. Additional Commissioner of Police (Economic Offenses Wing) RK Singh said, "Investigation into the case revealed that the accused retained and further induced the farmers who sold their crops and grains to him since the year 2017-18 on the pretext of giving them higher rates of interest."
Mortgage
His shop-cum-residence in Narela mandi was mortgaged with banks
"These farmers believed him as he assured them that his Narela mandi shop and residence were worth crores of rupees," he said. "But when farmers demanded their proceeds and investment back, he fled the mandi. Subsequently, the farmers came to know that the shop-cum-residence in Narela mandi was mortgaged with banks and due to non-payment, the property was auctioned by the bank," he said.
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A non-bailable warrant was also issued against Chand
"A non-bailable warrant was also issued against the accused in connection with the incident," Singh further said. "The accused was arrested from Faridabad in Haryana on August 3," the officer added.