Kochi | The VACB, which is probing the microfinance scam, has recorded the statement of SNDP Yogam general secretary Vellapally Natesan, officials said on Thursday.

According to the Vigilance and Anti-Corruption Bureau (VACB) sources, a team led by SP S Sasidharan recorded Natesan’s statement at his residence in Kanchikulangara in Alappuzha district on Wednesday.

Officials said the statement was recorded as the investigation is in its concluding stage, and the probe team would be able to file a charge sheet soon.

The case was registered in 2016 following a complaint by former Chief Minister V S Achuthanandan against Natesan, Sree Narayana Dharma Paripalana (SNDP) Yogam president M N Soman, finance coordinator K M Mahesan, former Kerala State Backward Classes Development Corporation (KSBCDC) managing director N Najeeb and its current managing director Dileep Kumar.

The allegation against the accused is that they misappropriated Rs 15.85 crore disbursed by the KSBCDC through nationalised banks over eight instances between 2003 and 2014 under a microfinance scheme intended to benefit members of marginalised communities through the SNDP Yogam.

The loans, availed at an interest rate of around three to five per cent, were allegedly disbursed by the SNDP Yogam’s microfinance scheme at an interest rate of about 18 per cent.

In its preliminary probe, the VACB found that several loan transactions were carried out in the names of members of Self-Help Groups (SHGs) without their knowledge and that the loans did not reach the actual beneficiaries.