MP: Startup dream turns sour for 50 women in Khandwa

Khandwa (Madhya Pradesh): At least 50 women from the rural area of Khandwa district have been duped of over Rs 21 lakh on the pretext of opening a startup company. The accused was booked at Khalwa police station.

As per details, women belonging to the tribal-dominated Khalwa block lodged a complaint against Vikas Malviya of Ashapur for cheating them of over Rs 21 lakh on the pretext of opening a startup company called ‘Farmer Produce Company’. 

He assured the village women of making them owners of the company through shareholding. The accused borrowed loan from a private finance company on the basis of the victim’s documents and assured them that he would py the monthly instalment of the loan. 

But neither the company opened nor the instalments of the micro-finance loans taken from the bank were repaid. After gaining their confidence, he sought access to their personal accounts and withdrew the loan amount using ATM cards.

The victims approached the police on realising that they had been cheated. Two weeks ago, villagers in large numbers reached the SP office and lodged a complaint with additional SP Seema Alawa. Based on their complaint, a case was registered against the accused. The police have started an investigation.