Private Company MD Arrested In Rs 100 Crore Cheating Case
Bhubaneswar: The Economic Offences Wing (EOW) of the Odisha Crime Branch has arrested the managing director of Diya Diary Agro Processor Pvt Limited in connection with a cheating case amounting to Rs 100 crore.
The accused, identified as Amrita Kindo, has been arrested under Indian Penal Code sections-406,420, 467,468,471 and120-B.
The matter came to light after Annapurna Finance Pvt Limited located at Khandagiri, lodged a complaint in this regard.
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 the 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.