Farmers Duped of Rs. 3.18 Crore as Financier Flees in Jagtial

Karimnagar:A resident of Endapalli mandal headquarters allegedly absconded after duping dozens of villagers of about Rs 3.18 crore in Jagtial district. Among his victims were farmers and labourers, who he lured with promises of high interest rates, before selling his own properties and vanishing overnight. Locals said they were gathering details to file a police complaint.

The fraud came to light when several victims gathered at the gram panchayat (GP) office to lodge a complaint. Suspicion arose three days ago when the accused’s house was found locked and his mobile phone remained switched off. Upon further inquiry, victims discovered that he had sold his house and agricultural land a few weeks ago.

According to local sources, the accused, who allegedly had a modest farming background, constructed a house and cattle shed. Exploiting this, he allegedly began borrowing large sums of money from villagers and paid interest regularly. This prompted more residents to invest their life savings with him. In some cases, police said, family members lent money to him without informing one another.

According to preliminary estimates, locals allegedly invested `3.18 crore with the accused, though locals fear the actual figure could be much higher as many victims were yet to come forward. A police complaint is yet to be lodged in the matter.