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Udupi: A resident of Karkala in Udupi district has accused five individuals of defrauding him of nearly Rs 2 crore under the guise of business partnerships.

Dawood Hakim, a resident of Ennehole in Marne village, Karkala, has filed a complaint stating that he operated a mobile sales and service business on Karkala Market Road for 15 years. He had known the accused for over two decades and trusted them implicitly.

According to Dawood, the accused convinced him to invest in multiple business ventures, including land dealings and a travel business, promising substantial returns and partnership benefits. Believing their assurances, Dawood reportedly handed over cash, gold, and a vehicle.

However, the promised profits never materialized, and the accused allegedly failed to return the money or assets. Dawood claims this deception has caused severe financial distress to him and his family, amounting to a loss of around Rs 2 crore.

A case has been registered at the CEN police station, and investigations are underway.

Bengaluru, Jan 24: Following several reported suicides allegedly caused by harassment from Microfinance Institutions (MFIs), Karnataka Home Minister G. Parameshwara on Friday acknowledged that the current laws are insufficient in dealing with the highhandedness of these institutions in the state.

Speaking to the media in Bengaluru, Parameshwara confirmed widespread complaints of MFI-related harassment, stating that existing laws were ineffective in curbing the issue. The Congress government plans to amend the law to ensure stricter regulations for MFIs.

"The reports from our department indicate that current laws are inadequate, and they lack the necessary strength to curb this menace," Parameshwara said. He added that new, stringent laws would be framed to regulate the MFIs, with the Congress government taking steps in that direction. In the meantime, officials have been instructed to take immediate action regarding ongoing harassment cases.

Explaining the situation, Parameshwara highlighted that MFIs often demand multiple signatures from loan recipients, which they might not fully understand. "This leads to forced raids, seizures of properties, and other actions," he noted, adding that such practices need to be addressed under law.

Law Minister H.K. Patil and Chief Minister Siddaramaiah have also taken note of the issue. Siddaramaiah has called for a meeting on January 25 to discuss the alarming rise in cases and the ineffectiveness of current laws.

The issue has sparked public outcry, with victims’ families, including the wife of a suicide victim, sending symbolic protests such as mangalsutras to Parameshwara, demanding action against the MFI staff involved. Numerous petitions have been filed in Deputy Commissioners' offices across the state, urging government intervention to stop MFI harassment.

In response, opposition leaders, including Union Minister H.D. Kumaraswamy, BJP’s R. Ashoka, and Basavaraj Bommai, have accused the Congress government of losing control over MFIs, enabling the widespread exploitation of vulnerable citizens.

Mangaluru, Jan 17: A heart-wrenching accident at Nadupadavu near Kattukodi on the outskirts of the city claimed the life of a young scooter rider this morning. 

The victim, identified as Abubakar Siddiq Razwi (22), son of Moydeen Kunji Bavu and a resident of Nadupadavu, tragically succumbed to his injuries on the spot.

The accident occurred when a scooter traveling from Deralakatte collided with an Ace Tempo heading from Mudipu to Thokkottu.

Abubakar, a final-year student at an Arabic Shariah College in Kasargod, leaves behind a community in mourning. The tempo driver also sustained injuries in the collision.

The Mangaluru South Traffic Police have registered a case and are conducting an investigation into the incident.