A large-scale loan scam has shaken Belagavi district, where more than 7,700 individuals, mostly women, were cheated out of nearly Rs 19.35 crore through false promises of microfinance loan approvals. The police arrested four people linked to the fraud from various areas including Yamnapur, Halbhavi, Kangrali KH, and Kangrali BK.
The accused — Ashwini Holappa Daddi, Holappa Fakirappa Daddi, Shewanti Holappa Daddi, and Priyanka Holappa Daddi, all from Yamanapur in Belagavi taluk — were later granted bail.
The scam, initially uncovered in Belagavi taluk, has reportedly spread across the district and other parts of Karnataka. The case came to light when Sheikha Kannappa Hanchinmani from Sonatti village filed a complaint at the Malmaruti Police Station.
According to the complaint, the accused lured victims by promising subsidized loans. They claimed that 60% of the loan amount would be collected by them under the scheme, while 40% would be disbursed to the borrower as a subsidy. They also assured victims that the full loan amount would be repaid on their behalf.
However, after the loan approval and disbursement, the fraudsters vanished, leaving the borrowers responsible for repaying the entire loan, including the missing 60%. This deceit has pushed many women into financial hardship, with mounting interest adding to their woes.
Police continue to investigate to uncover the full scale of the fraud and to identify any other accomplices involved.
