LOC Issued Against Private Company MD in Rs 100 Crore Fraud Case

A Look Out Circular has been issued against managing director of Sambandh Finserve Private Limited, Deepak Kindo for his alleged involvement in a fraud case of over Rs 100 crore, Odisha police said yesterday.

On the request of the Economic Offences Wing (EOW) of Odisha police, the Bureau of Immigration (BoI) has issued the Look Out circular against Kindo, the officials said.

The Odisha police, on January 30, had arrested Amrita Kindo, another accused in the case and wife of Deepak in this case. However, the prime accused Deepak Kindo is absconding, evading arrest.

So, the Look Out circular was issued to alert immigration check posts at airports/seaports etc to prevent the absconding accused person leaving the country and alerting law enforcement agencies, the EOW officials said.

While investigating a Rs 5 crore loan fraud case registered against Sambandh Finserve Pvt Ltd, the EOW found that the firm had collected over Rs 100 crore from various finance institutions and misappropriated the same.

As per the complaint, the accused Deepak had fraudulently availed a loan to the tune of Rs 5 crore from Annapurna Finance Pvt Ltd on the basis of forged documents and misappropriated the same without refunding the amount.

During course of investigation, the police found that the accused company (Sambandh Finserve Pvt Ltd), during the period from 2015-2020, in a similar manner had raised funds of more than 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 misappropriated the same by diverting the amount to their sister concerns.

The loan amounts were diverted to different sister concerns of Sambandh Finserve Pvt Ltd including Diya Dairy Agro Processor Pvt Ltd, whose director is Amrita Kindo, the police further said.

The police have also said that anyone giving credible information leading to the arrest of the accused will be suitably rewarded. The information can be given on the Mobile number 9437444870. The name/details of the informer will be kept secret, they said.