Bhubaneswar: The Economic Offenses Wing (EOW) of the Odisha Crime Branch has arrested the managing director of a private company for his alleged involvement in a case of cheating over Rs 100 crore.
The accused was identified as Amrita Kindo, Managing Director of Diya Diary Agro Processor Pvt. ltd. She was arrested yesterday in Bhubaneswar under sections 406, 420, 467, 468, 471 and 120B of the IPC.
She was taken to SDJM Court, Bhubaneswar and remanded in custody.
The agency had registered a complaint against Kindo based on a written complaint filed by the complainant on behalf of Annapurna Finance Pvt. Ltd., Khandagiri.
It has been alleged that Deepak Kindo, MD of Sambandh Finserve Pvt. Ltd., Chandaka Industrial Estate, Chandrasekharpur, Bhubaneswar had fraudulently obtained a loan of Rs 5 crore from Annapurna Finance Pvt. ltd. based on fake documents and embezzled them without refunding the amount to Annapurna Finance Pvt. ltd.
The investigation into the case revealed that in the year 2020, the accused company approached the complainant company for a loan of Rs 5 crore with the aim of carrying out financial activities efficiently by providing loans to different SHGs and Joint Responsibility Groups. However, after using the loan/funding, the accused company violated the terms and conditions of the funding and misappropriated the amount without making a refund. It was also established that the accused company had provided false documents to benefit from the loan.
Probe also revealed that the accused company represented by its managing director during the period 2015-2020, similarly raised funds of over 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., etc. and diverted them by diverting the amounts to their sister companies.
The investigation revealed that the accused Amrita Kindo is the wife of Deepak Kindo and the director of Diya Diary Agro Processor Pvt. Ltd., a sister company of Sambandh Finserve Pvt. During the year 2017 to 2020, out of the loan amounts granted by the accused company, an amount of Rs 22.72 crore was diverted to the accounts of Diya Diary Agro Processor Pvt. Ltd and diverted.