Vellapally Natesan drained off money: VACB

THIRUVANANTHAPURAM: The Vigilance and Anti-Corruption Bureau (VACB) is  learnt to have received crucial evidence, including fake utilisation certificates, against SNDP Yogam general secretary Vellapally Natesan in connection with the microfinance scam. According to the preliminary probe of the Vigilance, even fictitious firms were floated to obtain loan from the Kerala State Backward Development Corporation.

The Vigilance will quizz Mr. Natesan as part of the probe soon. The corporation had sanctioned Rs 15.85 crore to the SNDP Yogam and two other societies during 2003 -- 2014. The utilisation certificate produced by the SNDP Yogam and the two other societies were not genuine.   But the corporation officials disbursed the loans without proper verification.  The loan taken at a low rate of around three percent was disbursed at a higher rate of around 18 percent under SNDP Yogam’s microfinance scheme.

Meanwhile, sources said that the corporation officials could have released the funds owing to political pressures.  “All these aspects may be unearthed in the probe,”  said a Vigilance official. According to the First Information Report filed at the Inquiry Commissioner and Special Court (Vigilance) here last week, Mr. Vellapally was the first accused.

SNDP Yogam president M.N. Soman, finance coordinator K.M. Mahesan, Kerala State Backward Classes Development Corporation (KSBCDC) former managing director N.Najeeb and current managing director Dileep Kumar were the others accused.