Nelliyampathy issue: KSIDC loan to be investigated

THIRUVANANTHAPURAM: Minister for Industries P K Kunhalikutty has ordered investigation of the Kerala State Industrial Development Corporation (KSIDC) providing loan to Trend Group of companies in the Cochin Export Processing Zone by taking Meera Floor estate, a forest land at Nelliyampathy in Palakkad district, on mortgage.

Additional chief secretary V Somasundaram will be in charge of the investigation.

The government has also asked the revenue department to submit a report on the issue.
The amount given as loan was Rs. 5.89 crore and it was learnt that the Revenue officials and estate owners had hand in the scam.

The mortgage fraud which was identified on November 2010 has been kept as a secret.