Tumkur:
In yet another shocking incident of microfinance exploitation, a clever couple from Tumkur district has reportedly absconded after taking loans worth over ₹50 lakh in the names of unsuspecting villagers.
The accused, identified as Pratap and Ratnamma from Dodda Hosahalli village in Madhugiri taluk, allegedly misused the Aadhaar cards of around 35 villagers to secure loans from over 10 microfinance companies. The couple promised to repay the loans themselves but fled the village two months ago, leaving the villagers in a financial bind.
- The couple gained access to the villagers’ Aadhaar cards under the pretext of financial assistance.
- Using these documents, they secured loans from multiple microfinance companies, amounting to over ₹50 lakh.
- They assured the villagers that they would handle all repayments.
Impact on the Villagers
The microfinance companies have now issued notices to the villagers, holding them responsible for loan repayments. Harassed by collection agents, the villagers are left with mounting pressure to clear loans they never availed.
Timeline of Events
- The couple built a rapport with microfinance agents and took advantage of their trust.
- They absconded from the village two months ago, leaving no trace.
- Notices from microfinance companies began arriving recently, exposing the scam.
Microfinance Crisis in Karnataka
This incident highlights the growing menace of microfinance exploitation in Karnataka, where similar cases of harassment and fraud are being reported. The lack of strict regulations and oversight has made it easier for fraudulent activities to thrive, leaving innocent people in dire situations.
The affected villagers are now demanding a thorough investigation into the matter and immediate intervention to protect them from undue financial stress. Local authorities are urged to step in and address this pressing issue.
