The Special Judge and Inquiry Commissioner here has ordered a preliminary inquiry against SNDP Yogam general secretary Vellappalli Natesan in what has come to be known as the micro-finance case.
The Court issued the order in the case, involving alleged irregularities in the utilisation of funds secured from Kerala State Backward Classes Commission for micro-finance operations initiated under the auspices of the Yogam, based on a petition filed by Leader of the Opposition V.S. Achuthanandan. The Court has asked the Vigilance and Anti-Corruption Bureau (VACB ) to submit the preliminary investigation report by March 5. The VACB had found irregularities involving Rs. 80.30 lakhs.
Besides Mr. Natesan, the Opposition Leader had listed micro-finance coordinator K.K. Mahesan and one N. Najeeb as the accused in the case. Mr. Achuthanandan's allegation was that huge sums of money were taken as loan from the Kerala State Backward Classes Commission at a low 5 per cent interest and given as loan to women participants in the micro-finance scheme at 15 to 18 per cent interest.
