MD dairy company arrested for Rs 100 crore fraud – The New Indian Express

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Through Express press service

BHUBANESWAR: The Economic Offenses Wing (EOW) of the Crime Branch on Sunday arrested the Managing Director of Diya Dairy Agro Processor Private Limited, Amrita Kindo in connection with alleged financial fraud of over Rs 100 crore.

Based on a complaint filed by an Annapurna Finance Private Limited against the Managing Director of Sambandh Finserve Private Limited and Amrita’s husband, Deepak Kindo, alleging that he fraudulently obtained a loan of Rs 5 crore by submitting false documents, the agency had registered a case in December last year and launched an investigation into the matter.

During the investigation, EOW officers found that Annapurna Finance and Sambandh Finserve are registered with the RBI as non-bank financial companies or micro-finance institutions. In 2020, Deepak had approached Annapurna Finance for a loan under the guise of lending the money to self-help and accountability groups. However, the accused did not repay the amount.

EOW officers established that Sambandh Finserve, represented by Deepak, fraudulently collected more than Rs 100 crore between 2015 and 2020 from different investors/lenders like DCB Bank, Small Industries Development Bank of India, BOPA Microfinance based in Singapore, Dia Vikas Capital Private Limited and others.

Instead of lending the borrowed amount, Deepak diverted the money to sister organizations of Sambandh Finserve, including Diya Dairy. Out of the total amount of loan granted by Sambandh Finserve to different investors/lenders, Rs 22.72 crore was diverted to Diya Dairy account between 2017 and 2020. Last year, Central Crime Station in Hyderabad arrested Deepak for similar charges.

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