The statue was scheduled to be installed on Sumit's first death anniversary on December 3. The plaque placed with the statue names him as "Gau Rakshak Vir Shahid".
Sumit was killed on December 3, 2018 and the initial FIR included his name which was later deleted. Police inspector Subodh Kumar Singh was also killed in the violence.
Chief Minister Yogi Adityanath had paid a compensation of Rs 10 lakhs to Sumit's family.
The statue has been erected by Sumit's father Amarjeet Singh, who has now threatened to convert to Islam and then end his life since he had been betrayed by his own community.
Amarjeet Singh has sought a Central Bureau of Investigation (CBI) inquiry into the incident in order to "expose police misconduct at every level right from the murder of my son until his cremation".
"It was Subodh Singh who shot at my son but all videos have gone viral except the one showing the slain inspector shooting my son. The police inspector's family has got all benefits but we were given just promises. If my demands are not met soon, I will convert to Islam on the first anniversary of my son's killing and then end my life," he added.
According to police reports, the post-mortem report stated that Sumit was hit by a bullet from a 0.32 calibre weapon, the same which also killed the police inspector.
Sumit's father also alleged that he had not received the Rs 10 lakh compensation announced by Adityanath and also the money promised by a local MLA and MP.
"The promise of job has also not been fulfilled. My community has also alienated me," he added.
Meanwhile, local police officials have said that they were unaware of the statue being installed and would look into the matter.
"One sought permission and no one has complained. We will look into the matter," said a police official. He admitted that the matter was "sensitive" and needed to be investigated.
"Since the Chief Minister had announced compensation for Sumit's family, the local police may have chosen to ignore the matter but we will look into it," the official added.
But Amarjeet Singh said that no permission was needed since the statue had been installed on private land.
( With inputs from IANS )