A farmer has taken a loan of Rs 9 lakh from the Kapurthala Primary Co-operative Khetiwadi Development Bank by mortgaging the land to buy a dairy farm and farming tools. Initially, loan installments were paid by the farmer. After a year, he stopped paying monthly installments. To get rid of the loans, he wove such a net that even the bankers were surprised.
By preparing false documents, he had the land re-mortgaged to the bank in his name with the payment received from the commodity department. The farmer took a loan of Rs 12 lakh 50,000 from IDBI bank located in Kartarpur on the same land. When Gurprem Pal, the director of the Primary Cooperative Agriculture Development Bank learned of this, he complained to the police about the fraud committed by the farmer. Where after the advice of DA Legal, the police of the City Police Station filed a case against the said farmer. Currently, the farmer is no longer in police custody.
Rs 20 lakh due to non-payment of installments Rs 9 lakh
Gurprem Pal, director of the Kapurthala Primary Co-operative Khetiwadi Development Bank located on Kanjali Road, said that in 2010, Pyara Singh’s son, Ram Singh, resident of Navan Pind Bhatta, took out two loans from his bank in different times by mortgaging his farmland. In which the first loan of Rs. five and a half lakh was taken out for dairy farming and the second loan of Rs. three and a half lakh was taken out for the purchase of agricultural implements. Initially, Pyara Singh remitted the loan installments to the bank on time. But later he stopped paying installments. Many times notices were also sent to the farmer by the bank. In 2019, the loan amount increased to nearly 20 lakhs.