The Economic Offences Wing (EOW) of Crime Branch on Sunday arrested the managing director of Diya Dairy Agro Processor Private Limited, Amrita Kindo in connection with alleged financial fraud of more than Rs 100 crore.
Basing on a complaint lodged by one Annapurna Finance Private Limited against the managing director of Sambandh Finserve Private Limited and Amrita’s husband Deepak Kindo alleging that he had fraudulently availed a loan of Rs 5 crore from it by submitting forged documents, the agency had registered a case in December last year and launched a probe into the matter.
During investigation, EOW officers ascertained that Annapurna Finance and Sambandh Finserve are registered with RBI as non-banking financial companies or micro finance institutions.In 2020, Deepak had approached Annapurna Finance for a loan on the pretext of lending the money to self help and joint liability groups. However, the accused did not repay the amount.
The EOW officers established that Sambandh Finserve, represented by Deepak, had fraudulently raised more than Rs 100 crore between 2015 and 2020 from different investors/lenders like DCB Bank, Small Industries Development Bank of India, Singapore-based BOPA Microfinance, Dia Vikas Capital Private Limited and others.
Instead of onward lending of the borrowed amount, Deepak diverted the money to Sambandh Finserve’s sister organisations including Diya Dairy. Out of the total loan amount availed by Sambandh Finserve by different investors/lenders, Rs 22.72 crore was diverted to the account of Diya Dairy between 2017 and 2020. Last year, Hyderabad’s Central Crime Station had arrested Deepak on similar charges.
