THIRUVANANTHAPURAM: Backward Communities Welfare Minister A P Anil Kumar on Wednesday said that the money given to SNDP from the Kerala State Backward Classes Development Corporation (KSBCDC) would be taken back if it was found to be misused.
In reply to a question, he told the Assembly that the money would be realised from SNDP by imposing an additional 12 per cent interest if it was found to be misused.
He said that the SNDP had not yet produced the Utilisation Certificate. Anil Kumar said that an investigation was at present going on with respect to the microfinance scam.
It was alleged that the SNDP had taken credit from the Backward Development Corporation at the rate of two per cent interest and refinanced the amount at an exorbitant rate of 12 per cent interest, in violation of the guidelines.