A 26-year-old man has been arrested for allegedly siphoning off over Rs 3.5 lakh collected from women borrowers, in a case that has raised concerns over cash-based EMI collection systems. Police said the accused, Pratap Shetty, worked with a private micro finance company and was responsible for collecting instalments from women self-help groups and depositing the money at the firm’s Malad West office the same day.

Malad police station. Pic/By Special Arrangement