Microfinance Scam Probe Nears Conclusion with Vellapally Natesan's Statement

The Vigilance and Anti-Corruption Bureau has recorded the statement of SNDP Yogam general secretary Vellapally Natesan in the concluding stage of the microfinance scam probe. The case, filed in 2016, alleges misappropriation of Rs 15.85 crore intended for marginalised communities, implicating several SNDP Yogam officials.

The Vigilance and Anti-Corruption Bureau (VACB) is nearing the conclusion of its investigation into a significant microfinance scam, having recently taken the statement of Vellapally Natesan, general secretary of SNDP Yogam, officials revealed on Thursday.

Led by SP S Sasidharan, the investigative team recorded Natesan's statement at his residence in Kanchikulangara, Alappuzha district. This development comes as the probe, which began in 2016, edges towards a charge sheet filing, with allegations linking Natesan and other SNDP Yogam leaders to financial misconduct.

The case involves the alleged misappropriation of Rs 15.85 crore, ostensibly collected through a microfinance scheme meant to aid marginalised communities. The loans, dispersed via KSBCDC at low interest, were allegedly re-lent at exorbitant rates by SNDP Yogam, with loans registered under unaware SHG members and failing to benefit intended recipients.

(With inputs from agencies.)