Chhindwara(Madhya Pradesh): A Singaporean company duped 574 farmers from Chhindwara district of more than Rs 5 crore in an online swindling scam, police said.
According to the police, the company promised 40% profits per month to the farmers in the scheme which served as a lure for the victims to fall prey to this deception. Some farmers invested as little as Rs 1, while others poured money ranging from Rs 5 to a staggering Rs 20-25 lakh. In total, over Rs 5 crore were invested by the farmers with an expectation to earn 40% profit on the invested money per month.
Initially, few farmers gained profit from their investments. Initial profits encouraged them to invest more in the online company. However, the app abruptly ceased to function on August 20. Consequently, the victims reached out to the police for help. The farmers have accused the team leader of the company of misleading them with promises of doubling their investments.
Assistant Superintendent of Police(ASP), Awadhesh Pratap Singh said that complaints were lodged against a resident of Khairi Bhutai, a place in Chhindwara, alleging his involvement. The person has allegedly lured locals to double their investments through the mobile app.
