The Venjaramoodu police have detected large-scale financial irregularities in the disbursal of loans to members of the local unit of the Janasree Sustainable Development Mission, the Congress-backed micro-finance movement.
V. Jayachandran, Circle Inspector, Venjaramoodu, said on Monday that several members of the public had approached the police a month ago and lodged complaints.
They had accused the local office-bearers of the Janasree of financial irregularities. The malpractice was in connection with the loans given as ‘link loans’ to small groups of people.
“The loans were of Rs.5 lakh each, but the beneficiaries said they were given amounts ranging from Rs.20,000 to Rs.3.5 lakh. The rest was not given, and on inquiry, they found that the sums that they were paying the Janasree as repayment were not being deposited in the banks as it should have been,” he said.
Raids conducted on the Janasree office at Venjaramoodu on Monday almost confirmed financial irregularities, he said, adding that several promissory notes, blank stamp papers, and cheques were seized during the daylong raid. So far, indications were of irregularities to the tune of Rs.40 lakh. “Since more people are coming forward with complaints, the amount could be several times higher,” he said. Investigations were on to pinpoint the culprits, he said.
Irregularities to the tune of Rs.40 lakh detected
More people coming up with
complaints: police
