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Homechevron_rightKeralachevron_rightBid on to settle...

Bid on to settle micro-finance fraud in SNDP Adoor unit

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Bid on to settle micro-finance fraud in SNDP Adoor unit
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Pathanamthitta: In a bid to settle the money fraud worth Rs 7.68 crore in the micro-finance credit schemes, SNDP Adoor union convenor has sent a letter to the zonal manager of the Bank of India saying that they will deposit the remaining loan repayment arrears.

Mannadi Mohan, convenor of the SNDP Adoor union, said in his letter that they will pay remaining arrears worth Rs. 2, 32, 12,860 of the 7.68 crore loan amount.

Around 5,000 families are facing revenue recovery proceedings in connection with the money fraud worth Rs 7.68 crore in the micro-finance credit schemes of SNDP Adoor Union in collaboration with the Bank of India.

The Adoor SNDP Union collected Rs 7.68 crore from Bank of India branch in the name of around 5,000 members representing 256 micro units without the knowledge of the members. Women who were not beneficiaries of the scheme too received notice for attachment of property, blaming them for default of loan payment.

Following the victims’ complaints, the government had ordered a crime branch probe in the fraud case.

Full text of the SNDP Adoor union convenor's letter:

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