The Economic Offences Wing arrested a 60-year-old man from Faridabad on August 3 for allegedly duping over 60 farmers on the pretext of giving them higher returns, the police said on Friday.
Prem Chand duped around 64 farmers of approximately ₹3.5 crores, they said. These farmers sold their crops and grains to his shop in Narela market and since he was in debt due to business losses, he started retaining the proceeds of their crops by inducing them with an assurance of higher returns and issued receipts for the same, they said.
But when farmers started asking for their investments, he fled to Faridabad in Haryana. An enquiry was initiated against Chand based on a complaint filed by a group of farmers.
Additional Commissioner of Police (Economic Offences Wing) R.K. Singh, said: “Chand had committed the crime in 2017-18. He had assured the farmers that his Narela mandi shop and residence is 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. It was auctioned by the bank. During the course of the investigation, a Non-Bailable Warrant was issued against him,” he said.
Chand is a graduate from Delhi University, the police said.
