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Woes of victims subjected to loan fraud will be dealt with

This was stated by Pinarayi Vijayan in the Assembly on Wednesday. Pinarayi was responding to a submission by M Swaraj who sought the government’s intervention to ease the woes of poor.

Published: 03rd November 2016 06:21 AM  |   Last Updated: 03rd November 2016 06:21 AM   |  A+A-

Woes

Woes

By Express News Service

THIRUVANANTHAPURAM: The District Collector of Ernakulam has been directed to hold a meeting with representatives of banks to provide relief to victims of loan fraud in Kochi who are facing revenue recovery by banks under the  Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act.

This was stated by Chief Minister Pinarayi Vijayan in the Assembly on Wednesday. Pinarayi was responding to a submission by M Swaraj who sought the government’s intervention to ease the woes of poor, Dalit families in Vallarpadam who were facing action under the Sarfaesi Act after being duped by fraudsters.

The Chief Minister said that fraudsters have succeeded in duping poor Dalit families in Varambukadu area in Kochi by forcing them to take loans against their property in exchange for a paltry sum. When the loans are continuously defaulted, banks attach the property as per the Sarfaesi Act.

The Chief Minister said that a total of 17 cases in connection with malpractices under the Sarfaesi Act have been registered and that chargesheet has been submitted in 11 cases. Investigations are on into the other cases, he added. 

Pinarayi said that a special investigation team led by Kochi City Crime Branch Assistant Commissioner was conducting probe into 10 cases in relation to Sarfaesi Act. He added that in some cases, the bank managers have also been listed as accused.



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