Man arrested for duping 64 farmers of their crop proceeds worth Rs 3.5 crore

New Delhi, August 6

Delhi Police’s Economic Offences 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.

The gullible farmers sold their crops and grains to the accused’s shop in 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, they said.

But when farmers demanded their money back, Chand shut shop and fled to Faridabad, police said.

An inquiry was initiated against Chand based on a complaint filed by a group of farmers, they said.

Additional Commissioner of Police (Economic Offences Wing) R K 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. These farmers believed him as he assured them that his Narela mandi shop and residence were worth crores of rupees.”

“But when the farmers demanded their proceeds and investment back, he fled the mandi. Subsequently, the farmers came to know that the shop-cum-residence of Narela mandi was mortgaged with banks and due to non-payment, the property was auctioned by the bank. A non-bailable warrant was also issued against Chand,” he said.

The accused was arrested from Faridabad on August 3, the officer added. — PTI