![](https://www.udayavani.com/wp-content/uploads/2024/09/Gen-Asim-Munir-Wikimedia-Commons-415x275.jpg)
Microfinance firm’s MD held for Rs 109-crore fraud
PTI, Mar 18, 2022, 6:33 PM IST
![](https://www.udayavani.com/wp-content/uploads/2022/03/arrested-31-620x423.jpg)
The managing director of a private microfinance firm has been arrested in Odisha’s Sundargarh district for allegedly embezzling over Rs 100 crore on the pretext of giving loans, police said on Friday.
The Economic Offences Wing of the Odisha Police arrested Deepak Kindo, who was absconding for over a year and a lookout circular was issued, from his native Lulkidihi village in Talasara block of Sundargarh district on Thursday.
Kindo is the managing director of the Sambandh Finserve Pvt Ltd, which is registered with the Reserve Bank of India as a Non-Banking Finance Company-Microfinance Institution (NBFC-MFI).
The firm’s function was to raise funds from different sources to offer customised lending and financing solutions to the self-help groups and the weaker sections of the society who have little access to formal financial avenues, an officer said.
From 2015-2020, Kindo’s company had raised funds of more than Rs 109 crore from different investors or lenders on the basis of forged documents, the police officer said at a press conference.
Instead of giving loans to the desired group, he misappropriated the amount by diverting it to the personal accounts of him and his relatives, and Sambandh’s subsidiaries, the officer said.
Kindo’s wife, Amrita, has been arrested earlier for her alleged complicity in the case and is now in judicial custody, police added.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
![](https://www.udayavani.com/wp-content/uploads/2023/05/IndianClicks_GVega_Udayavani_300x250_12032021_1_1.gif)
Related Articles More
![](https://www.udayavani.com/wp-content/uploads/2024/09/Gen-Asim-Munir-Wikimedia-Commons-150x99.jpg)
Pakistan Army Chief acknowledges role of Pak army in Kargil war
![](https://www.udayavani.com/wp-content/uploads/2024/09/Infant-1-150x100.jpg)
Kushinagar: Man forced to ‘sell’ son for hospital fee, 5 arrested
![](https://www.udayavani.com/wp-content/uploads/2024/09/CBI-rep-agencies-1-150x113.jpg)
Ex-RG Kar hospital principal had criminal nexus with co-accused for wrongful gains: CBI
![](https://www.udayavani.com/wp-content/uploads/2024/09/rains-rep-PTI-150x84.jpg)
29 dead in Telangana due to heavy rains, floods
![](https://www.udayavani.com/wp-content/uploads/2024/09/ED-pti-150x113.jpg)
ED raids German company’s Indian subsidiary in case of alleged fraud fraud involving Rs 130 cr
MUST WATCH
Latest Additions
![](https://www.udayavani.com/wp-content/uploads/2024/09/Ganesh-Chaturthi-150x105.jpg)
Karnataka ushers in Ganesh Chaturthi with its customary fervour; political tussle over govt’s order
![](https://www.udayavani.com/wp-content/uploads/2024/09/Gen-Asim-Munir-Wikimedia-Commons-150x99.jpg)
Pakistan Army Chief acknowledges role of Pak army in Kargil war
![](https://www.udayavani.com/wp-content/uploads/2024/09/Infant-1-150x100.jpg)
Kushinagar: Man forced to ‘sell’ son for hospital fee, 5 arrested
![](https://www.udayavani.com/wp-content/uploads/2024/09/CBI-rep-agencies-1-150x113.jpg)
Ex-RG Kar hospital principal had criminal nexus with co-accused for wrongful gains: CBI
![](https://www.udayavani.com/wp-content/uploads/2024/09/rains-rep-PTI-150x84.jpg)
29 dead in Telangana due to heavy rains, floods
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.