The Economic Offences Wing (EOW) of the Odisha police has arrested Deepak Kindo, the managing director of Sambandh Finserve Pvt. Ltd, in connection with a Rs 109 crore fraud case, officials said on Friday.
His wife, Amrita, who is also a co-accused in the case, was arrested by the EOW in January this year.
Deepak was arrested from Luludiha area in Sundergarh district while he was trying to flee from the state. He is being forwarded to the court of SDJM, Bhubaneswar on Friday, said Dilip Kumar Tripathy, SP, EOW.
The arrest was made in a case registered based on a complaint filed by Annapurna Finance Pvt. Ltd., a Non-Banking Financial Company (NBFC), that Kindo had fraudulently availed a loan to the tune of Rs 5 crore from it on the basis of forged documents and misappropriated the money, he said.
During investigation, the EOW found that the accused company approached the complainant company for a loan of Rs 5 crore for the purpose of carrying on financial activities effectively by giving loans to different SHG and Joint Liability Groups. However, after availing the loan, the accused company violated the terms and conditions of finance and misappropriated the amount without making repayment, Tripathy said.
The SP informed that Sambandh Finserve, in a similar manner had raised more than Rs 109 crore from different investors like DCB Bank, SIDBI (Small Industries Development Bank of India), BOPA PTE Ltd. (a Singapore based Company) during the period from 2015 to 2020.
After availing the loans, Kindo misappropriated the money by diverting the amounts to their personal accounts and accounts of sister concerns including Diya Dairy Agro Processor Pvt. Ltd., the director of which is his wife Amrita.
During investigation of the case, 61 bank accounts relating to Sambandh Finserve, its MD Deepak Kindo & others maintained with different nationalised & private banks have been identified and the available balance of more than Rs 17.10 crores has been frozen, said the police officials.
Amrita Kindo, wife of the prime accused, was sent to jail following her arrest. She had availed more than Rs 22 crore out of the cheated money. She is currently in judicial custody. As Kindo was absconding, evading police arrest since the registration of the case, a Look Out Circular was earlier issued in his name.