Bhubaneshwar: Bhubaneswar Economic Crimes Wing has arrested the Managing Director of Sambandh Finserve Pvt. Ltd of Luludiha under Talsera police limit in Sundargarh for cheating to the tune of more than 100 crores. The managing director has been identified as Dipak Kindo.
The case was registered on the basis of a written complaint filed on behalf of Annapurna Finance Pvt. Ltd., Khandagiri v Dipak Kindo, MD of Sambandh Finserve Pvt. Ltd., Chandaka Industrial Estate, Chandrasekharpur, Bhubaneswar.
It was alleged that he fraudulently availed a loan worth Rs. 5 crores from Annapurna Finance Pvt. ltd. based on false documents and misappropriated them without refunding the amount to Annapurna Finance Pvt. ltd.
During the investigation, it was revealed that the Complainant and Accused companies are registered with RBI as NBFC-MFI. In the year 2020, Sambandh Finserve approached Annapurna Finance for a loan of Rs. 5 crores with the aim of carrying out financial activities efficiently by providing loans to different SHGs and Joint Liability Groups.
However, after availing the loan/funding, the accused company violated the terms and conditions of the funding and embezzled the amount without making a refund. It was also established that the accused company had provided false documents to benefit from the loan.
It was also found that Sambandh Finserve represented by Dipak Kindo, during the period of 2015 to 2020, similarly raised funds of over Rs. 109 crores from different investors/lenders such as DCB Bank, SIDBI ( Small Industries Development Bank of India), BOPA PTE Ltd. (a Singapore-based company) and DIA Vikash Capital Pvt. ltd. etc on the basis of false documents and misappropriated them by diverting the amounts to their personal accounts and the accounts of sister companies including Diya Dairy Agro Processor Pvt. Ltd., whose director is Amrita Kindo, wife of Dipak Kindo.
No less than 61 bank accounts linked to Sambandh Finserve Pvt. Ltd., its MD Deepak Kindo and others maintained with different nationalized and private banks have been identified and the available balance of more than Rs. 17.10 crores has been frozen.
Earlier, defendant Amrita Kindo, wife of Deepak was arrested in this case who profited more than Rs. 22 crores from the cheating money. She is still in custody. Deepak Kindo had been on the run, escaping police arrest since the case was filed, for which the Look Out circular had previously been issued in his name.
Further investigation into the fraud is ongoing.