14 Farmers arrested for Defrauding Finance Company of Rs. 47 lakh

The Sarkarwada police have charged 14 farmers for defrauding a finance firm of Rs. 47 lakh.

According to the police officer, the financial company loaned Rs. 47 lakh to the farmers, most of whom were from Dindori-taluka, to buy tractors. However, the beneficiaries sold the tractors without notifying the company.

The finance firm claimed that the farmers had made a down payment and Equated Monthly Installments (EMI), but the installments were later discovered to be defaulters.

According to bank authorities, the accused failed to pay their dues, causing the interest and principal on the loan to surpass Rs. 47 lakh.

As a result, the bank initiated legal proceedings against the farmers to repay their loans, including seizing the tractors. That’s when it was discovered that the farmers had sold the tractors to third parties without the company’s permission.

The company subsequently filed a case against the farmers with the Sarkarwada police.