Wednesday, January 6, 2016

80 lakh fraud detected in Microfinance scam, vigilance informs court

THIRUVANANTHAPURAM: The vigilance Wednesday informed the vigilance court that a fraud of Rs 80.3 lakh has been noticed in the microfinance project coming under the SNDP. They also informed the court that it was found in secret investigation. Following that, the court directed the vigilance to produce the report of the secret investigation. The vigilance informed their stand on opposition leader V S Achuthanandan’s plea seeking a probe on the corruption in microfinance.

The report has a sought a departmental probe against Backward Development Corporation former MD Najeeb. However, the investigating team has made it clear that they cannot take action against Najeeb as he had retired from service.  

Meantime, no other names have been mentioned in the report. The case will be considered again on Monday.

VS’ plea had alleged that a loan of Rs 15 crore was taken from the Backward Development Corporation during 2013-15 and distributed for 18% interest. The plea that there is a law to charge only 5% interest.

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