Mandya MFI official abducts 2 minors to recover EMI
Mandya: There have been several incidents in the recent past when a section of microfinance institutions (MFIs) operating in Karnataka have been found guilty of adopting unethical loan-recovery methods, prompting the state govt to introduce stringent legal measures to regulate such firms and ensure protection of consumer rights.
However, despite the legal safeguards, the menace reared its ugly head yet again as this latest incident in Mandya district reveals, where an executive from a microfinance firm allegedly abducted two minors on Monday over a loan instalment that was reportedly overdue by only a few days.
Police said the accused kidnapped two cousins, a minor girl, 7, and a boy, 13, from their home in Chilkunda village while their parents were away, apparently to show him the way to the girl's mother's workplace, where he confronted her over the unpaid EMI.
Though the children were later dropped back home by the accused, the minor girl's father filed an FIR on Friday, accusing the finance company and its executive of kidnapping the two children and insulting his wife.
The complaint attracts provisions of a new law governing microfinance institutions in the state under the Karnataka Micro Loan and Small Loan (Prevention of Coercive Actions) Act, 2025.
Speaking in Bengaluru, home minister G Parameshwara assured that if there was any wrongdoing, strict action would be initiated against the offenders.
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M Ravichandra, the chairman of the child welfare committee, Mysuru, said some social activists had produced the children and the executive before them on Thursday, accusing the official of kidnapping the minors.
"When we asked the children, they said they were not abused, or threatened by the accused, who was warned and let off," Ravichandra added.
Sources claimed the finance company official had taken the two children on his bike to the workplace of the girl's mother, who is employed in an incense stick rolling unit.
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