The Economic Offences Wing of Odisha police has arrested the managing director of a non-banking finance company (NBFC) on the charge of committing Rs 5 crore fraud by way of availing loan furnishing forged documents.

The accused Mrs. Amrita Kindo, Managing Director of Diya Diary Agro Processor Pvt. Limited had availed the loan by resorting to fraudulent practice from another Bhubaneswar-based NBFC Annapurna Finance Private Limited.

After prima facie evidence of the offence was established, Kindo was arrested yesterday and was remanded to judicial custody under relevant sections of the Indian Penal Code, said EOW officials.

“The above-referred case has been registered on the basis of a written allegation of the complainant on behalf of Annapurna Finance Pvt. Ltd., Khandagiri to the effect that accused Deepak Kindo, MD of Sambandh Finserve Pvt. Ltd., Chandaka Industrial Estate, Chandrasekharpur, Bhubaneswar had fraudulently availed loan to the tune of Rs. 5 crores from Annapurna Finance Pvt. Ltd. on the basis of forged documents and misappropriated the same without refunding the amount to Annapurna Finance Pvt. Ltd”, a statement issued by EOW said on Monday.

Investigation of the case revealed that both the complainant and accused Companies are registered with RBI as NBFC-MFI. One Mr. Deepak Kindo is the Managing Director of Sambandh Finserve Pvt. Ltd. During the year-2020, the accused company approached the complainant company for a loan of Rs. 5 crores for the purpose of carrying on financial activities effectively by giving loans to different SHG and Joint Liability Groups.

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

During the course of an investigation, it has also been ascertained that the accused company i.e. Sambandh Finserve Pvt. Ltd. represented through its Managing Director during the period from 2015-2020, in a similar manner had raised funds of more than Rs. 100 crores 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., etc and misappropriated the same by diverting the amounts to their sister concerns.

It has also been ascertained that the present accused Smt. Amrita Kindo is the wife of Dipak Kindo and the Director of Diya Diary Agro Processor Pvt. Ltd., a sister concern of Sambandh Finserve Pvt. Ltd. During the year-2017 to 2020, out of the loan amounts availed by the accused company, an amount of Rs. 22.72 crores have been diverted to the accounts of Diya Diary Agro Processor Pvt. Ltd and misappropriated, the statement concluded.