Manipur Militants Credit Scheme, Pumping in Rs 30-40 Lakh

Discussion in 'Internal Security' started by Oracle, Mar 9, 2011.

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    Manipur based UNLF militants, which is still outside the peace process, has been successfully running a unique co-operative saving and credit banking system (Phunga Marup) since 2009, a report in a regional daily revealed.

    The report while saying that the saving and credit banking system was part of outfit’s bid to spread its tentacles in the Northeast India.

    The scheme came to light during the interrogation of its secretary M Nongyai arrested by security force in Assam recently.

    Security forces recently stumbled upon the outfits’ activity while interrogating the arrested secretary, M Nongyai.

    According to security forces, the main objective of the outfit is to win over the hearts of the local populace by lending them money and in return taking safe shelter in villages.

    The system is in operation in four districts of Manipur and Cachar, Hojai sub-division in Nagaon which has a sizeable Meitei population, the report revealed.

    The outfit is believed to be pumping in about ‘ 30 to ‘ 40 lakh per annum in this core finance system.

    According to information revealed to security forces by the arrested UNLF cadres, the outfit through the Marup system has been financing villagers to be self reliant through weaving, handicraft and other means of livelihood.

    The loan amount to individual varies between ‘3000 to ‘ 4000 for a period of four to five months with interest rates varying from 0.5 to 1%.

    “The UNLF forms self help groups consisting about 15 members and there are about 45,000 beneficiaries of the finance system,” a source said, according to Times of India reports.

    The money used by the outfit to finance the rural populace is collected through extortion from different areas in Manipur.

    Source
     
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