MA Yusuff Ali
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M A Yusuff Ali of Lulu Group comes to the rescue of a Kerala woman, named Sandhya, and her children, who were evicted from their house due to an unpaid loan of Rs 8 lakh.
The UAE-based, Kerala-born billionaire has taken complete responsibility of Sandhya and her family and has instructed his team to open a fixed deposit of Rs 10 lakh in the bank in the name of the family, as per a Mathrubhumi report.
The story on the plight of the woman reported by local media caught M A Yusuff Ali’s attention, prompting him to offer the assistance.
As per the report, Sandhya took a loan of Rs 4 lakh from Manappuram Finance, a Kerala-based Non-Banking Financial Company (NBFC), in 2019, to complete the construction of their house in North Paravur, Kerala, under the state's Life Housing Scheme.
However, two years later in 2021, she was abandoned by her husband and was unable to repay the loan amount, thus the loan amount reached Rs 8 lakh inclusive of interest.
Sandhya was not in a position to repay the loan amount from her meagre income of Rs 9,000 as a textile shop employee.
Manappuram Finance stated that Sandhya had been given four warnings and they went into foreclosure proceedings when the repayment stopped.
According to Sandhya, NBFC officials entered her house and evicted her her two children on Monday when she was away for work. This, according to her, was done without any prior notice being served. She also mentioned that they were not even allowed to retrieve their belongings and essential items.
Opposition leader V D Satheesan asked the financial institution to allow them back in.
The incident sparked outrage among locals and after learning about the incident, M A Yusuff Ali came forward for the family’s aid and instructed his team to repay the loan. Thanks to Yusuff Ali’s intervention, Sandhya got back the keys to her house and she and her children were able to return to their home.
Sandhay stated that she and her children would have been in a difficult situation if it had not been for Yusuff Ali and expressed her wholehearted gratitude to the billionaire.