The Economic Offences Wing (EOW) of Odisha Police arrested Dipak Kindo, Managing Director of Sambandh Finserve Private Limited, in connection with ₹ 100 crore-loan embezzlement case.
Annapurna Finance Private Limited, a Non-Banking Financial Company (NBFC), had filed a complaint that Mr. Kindo had fraudulently availed loan to the tune of ₹5 crore from it on the basis of forged documents and misappropriated the same without refunding the amount.
The EOW investigation found that both companies were registered with the Reserve Bank of India as NBFC and microfinance institutions.
During 2020, Mr. Kindo’s company had taken a loan of ₹5 crores for carrying out financial activities by giving loans to different Self Help Groups and Joint Liability Groups. The company, however, never repaid the loan.
“During the course of investigation it has been ascertained that the accused company, during the period from 2015 to 2020, had raised funds of more than ₹109 crores from different investors and lenders like DCB Bank, SIDBI (Small Industries Development Bank of India), BOPA PTE Ltd. (a Singapore based Company) and DIA Vikash Capital Private Limited in a similar manner,” the EOW said here.
The loan amounts were diverted to their personal accounts and accounts of sister concern companies including Diya Dairy Agro Processor Private Limited, director of which was Amrita Kindo, wife of Dipak Kindo.
“Investigators came across 61 bank accounts relating Sambandh Finserve Private Limited, its MD Deepak Kindo in different nationalised and private banks and the available balance of more than ₹17.10 crores were subsequently been frozen,” it said..
Amrita Kindo, wife of prime accused, was sent to jail following her arrest. She had availed more than ₹22 crores out of the embezzled money. She is currently lodged in jail. As Mr. Kindo was absconding, evading police arrest, a Look Out Circular was earlier issued in his name.
