The Economic Offences Wing (EOW) of Crime Branch on Friday arrested Dipak Kindo, managing director of Sambandh Finserve Private Limited, in connection with a fraud of more than Rs 100 crore.
Dipak, son of late IAS officer Livnus Kindo, against whom a lookout notice had been issued, was arrested from the Luludiha area in Sundargarh district while he was trying to flee the State. Later, he was produced in the Bhubaneswar SJDM court.
Earlier, the wife of Dipak, Amrita Kindo was arrested for her alleged involvement in the case. She had pocketed more than Rs 22 crore out of the fraud money and is now in judicial custody, the EOW said.
The accused Dipak was arrested on the basis of a complaint filed on behalf of Annapurna Finance Private Limited in Khandagiri. The complainant had alleged that Dipak had fraudulently availed a loan to the tune of Rs 5 crore from the company on the basis of forged documents and misappropriated the same without refunding the money to company.
In 2020, Dipak’s company had availed the loan on purpose of carrying financial activities effectively by giving loans to different SHG and Joint Liability Groups. “However, after availing the loan, Dipak’s company violated the terms and condition of finance and misappropriated the amount without making repayment. It has also been ascertained that the accused company had furnished forged documents to avail the loan,” the EOW added.
Subsequently from 2015 to 2020, Dipak’s company had raised funds of more than Rs 109 crore from different investors/ lenders like DCB Bank, Small Industries Development Bank of India, BOPA PTE Ltd. (a Singapore based Company) and DIA Vikash Capital Private Limited on the basis of forged documents.
Dipak had allegedly misappropriated the money by diverting the funds to their personal accounts and accounts of sister concerns including Diya Dairy Agro Processor Private Limited., the director of which was his wife Amrita.