EOW Arrests MD Of Private Company Over Rs 100 Crore Cheating Case

The Economic Offences Wing (EOW) of the Odisha Crime Branch has arrested Amrita Kindo, the managing director of Diya Diary Agro Processor Pvt Limited in connection with a cheating case amounting to Rs 100 crore.

Kindo, who was arrested on Sunday, has been booked under Indian Penal Code sections-406,420, 467,468,471 and120-B. As per EOW, Kindo was arrested based on the written complaint filed by Annapurna Finance Pvt Limited located at Khandagiri.

Earlier, the finance company alleged that one Deepak Kindo, the Managing Director of Sambandh Finserve Pvt. Ltd. (Chandaka Industrial Estate, Chandrasekharpur) had fraudulently availed loan amounting to Rs 5 crore on the basis of forged documents.

Preliminary investigation revealed that the companies of both the complainant and accused are registered with RBI as NBFC-MFI.

During the year-2020, the company of Deepak Kindo approached the Finance Company for a loan of Rs 5 crore for the purpose of carrying on financial activities effectively by giving loans to different Self Help Groups (SHG) and Joint Liability Groups.

“However, after availing the loan/ finance, the accused company violated the terms and condition of finance and misappropriated the amount without making repayment. It has also been ascertained the accused company had furnished forged documents to avail the loan,” EOW said in a release.

During the course of investigation, it has also been ascertained that the company of the accused (Deepak Kindo), Sambandh Finserve Pvt. Ltd had also raised funds of more than Rs 100 crore from different investors/ lenders like DCB Bank, SIDBI (Small Industries Development Bank of India), BOPA PTE Ltd. (a Singapore based Company) and DIA Vikash Capital Pvt. Ltd. and misappropriated the same by diverting the amounts to their sister concerns during the period from 2015-2020.

It has also been ascertained that Amrita, wife of Deepak Kindo and the Director of Diya Diary Agro Processor Pvt. Ltd, is a sister concern of Sambandh Finserve Pvt. Ltd.

From the period between 2017 and 2020, out of the loan amounts availed by the accused company, an amount of Rs 22.72 crore was diverted to the accounts of Diya Diary Agro Processor Pvt. Ltd and misappropriated, the EOW release added.