Microfinance fraud in Belagavi
Belagavi: In a shocking revelation, a microfinance fraud in Belagavi has defrauded over 15,000 women, amounting to ₹100 crore. District In-charge Minister Satish Jarkiholi disclosed this during a press briefing on Tuesday.
For more details : https://www.prajavani.net/district/belagavi/sathish-jarkiholi-4-3107799
The company allegedly issued loans under legal provisions but retained 50% of the sanctioned amount. Initially, borrowers were assured that repaying half the loan would suffice. However, complaints have surfaced that women are now being coerced into repaying the full amount.
To address the issue, a three-member police investigation team has been formed. The team will interrogate intermediaries suspected of involvement in the microfinance fraud in Belagavi. Minister Jarkiholi assured that strict measures are being taken to prevent further harassment of the affected women by the microfinance company.
“Police have been directed to ensure no woman faces undue pressure. The culprits will be brought to justice,” he added.
MLA Asif Sait was also present during the announcement.
This development has raised concerns about the operations of microfinance companies and their impact on vulnerable communities. Authorities have urged victims to come forward and report their grievances for effective resolution.
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