Belagavi district in-charge and Public Works Minister Satish Jarkiholi revealed on Tuesday that approximately 15,000 women who had taken loans from a microfinance company were victims of a massive scam, estimated at ₹100 crore. Addressing the press in Belagavi, he announced the formation of a three-member police team to investigate the matter thoroughly.
“These women were misled into believing they would receive substantial loan amounts, only to be cheated,” said Mr. Jarkiholi. He added that middlemen, who played a significant role in convincing the women to apply for loans, will be detained and interrogated.
To alleviate the borrowers’ distress, directions have already been issued to the microfinance company, instructing them not to pressure the women for repayment.