Microfinance Bank Sealed: 6 FIRs Filed, Recovery Agent Jailed – The420.in

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KORBA, CHHATTISGARH: Authorities in Korba district, Chhattisgarh, have sealed branches of five microfinance banks following allegations of fraud. Women filed complaints stating they were deceived by representatives of microfinance companies under the guise of loans.
These agents reportedly visited their homes, offering false schemes and collecting money fraudulently. Six FIRs have been registered against these fraudulent agents across various police stations in the district.
 Agencies Involved and Actions Taken
The sealed banks include:
These actions were initiated after continuous complaints of financial irregularities. Investigations revealed systematic exploitation, leading to branch closures and legal proceedings against the accused agents.
 Arrests and Legal Proceedings
One agent from Samdhan Bank, Dharan (22), was arrested for allegedly engaging in unlawful activities and disturbing public peace. He was booked under multiple sections of the Indian Penal Code, including Sections 170, 126, and 135(3). The police have sent him to judicial custody.
Public Concerns and Impact
The fraudulent activities have sparked widespread concern among the affected women, who have demanded strict action against the culprits. This incident highlights the need for increased oversight and regulation of micro finance institutions to prevent such exploitation in the future.

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