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Microfinance fraud case: Vellappally Natesan named first accused in FIR

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Microfinance fraud case: Vellappally Natesan named first accused in FIR
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Thiruvananthapuram: Sree Narayana Dharma Paripalana Yogam (SNDP) general secretary Vellappally Natesan has been named first accused in the FIR registered in the case related to the multi-crore microfinancing fraud.

A case has also been registered against SNDP Yogam president M N Soman, Yogam's Microfinance State Coordinator K K Maheshan, former MD of Backward Classes Development Corporation N Najeeb and its current MD Dileep.

The FIR was registered following an affidavit filed in the court by former leader of the Opposition V.S. Achuthanandan who accused Vellapally Natesan of siphoning off funds from microfinance ventures targeting weaker sections of the Ezhava community.

He alleged that Natesan had availed himself of a loan of Rs.15 crore from the Kerala State Backward Classes Development Corporation at an interest of 2 per cent.

The SNDP Yogam has been accused of refinancing beneficiaries at 12 per cent interest after availing of credit from the Corporation at 2 per cent.

Achuthanandan said an inspection conducted by the Principal Accountant General had revealed the fraud.

He alleged that the SNDP office-bearers had fabricated names and addresses of beneficiaries to hoodwink the Corporation.

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