Delhi Police EOW arrests agriculture commission agent for duping over Rs 3 cr from farmers

New Delhi [India], August 6 : Delhi Police's Economic Offences Wing (EOW) on Friday arrested an absconding commission agent of Narela Anaj Mandi accused of duping 64 farmers out of over Rs 3 crore on the pretext of giving them higher rates of interest for their money.
According to police, complainants Sadhu Ram and 11 others had alleged they had sold foodgrains and agriculture produce to the accused, Prem Chand (60), who own Jageram and Sons at Narela Grain Market. The farmers also alleged that they had given crores of rupees to Prem Chand who had promised them high interest on their money.
The complainants said when they asked for money for their agricultural produce, which they sold to him and the principal amount on their investment, the accused refused to pay them the amount and fled along with his family from Narela. An initial enquiry revealed that he had cheated 64 farmers of a total of Rs 3.5 crore.
Prem Chand was arrested from Faridabad by a team consisting of Sub Inspector Shiv Dev Singh on Friday.
During an investigation, it was found that in order to settle his losses in business, Prem Chand had decided to lure farmers by promising to give high returns on their investment and issued them receipts too. Subsequently, it was revealed that the shop, where he was using to operate his business from had been mortgaged against the loan he had borrowed from banks. The shop in Narela was seized by banks under SARFAESI Act.
Prem Chand has been booked under Sections 420 (Cheating), 406 (Punishment for criminal breach of trust) and 120 (Concealing design to commit an offence punishable with imprisonment). He graduated from Delhi University and belongs well-settled family.