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Hyderabad: Sambandh Finservice CEO arrested
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Officers of CCS, Hyderabad police, on Monday brought Deepak Kindo, CEO of Sambandh Finservice, from Odisha, on prisoner transit warrant for cheating the complainant of Rs. 5 crore
Hyderabad: Officers of CCS, Hyderabad police, on Monday brought Deepak Kindo, CEO of Sambandh Finservice, from Odisha, on prisoner transit warrant for cheating the complainant of Rs. 5 crore.
According to the police, the accused cheated the Chief Financial Officer of Nabsamruddhi Finance Ltd, a subsidiary unit of NABARD, here. He availed credit facilities of Rs 5 crore from the firm against security of book debts and personal guarantee of CEO & MD i.e., Deepak Kindo, for onward lending to microfinance activities in Odisha and Chattisgarh, with a promise to repay in eight installments within two years of loan approval.
However, after availing the loan, the accused transferred the amount into his business, rather than investing in microfinance activities, and defaulted repayment of Rs. 2 crore. He also defaulted repayment of Rs.200 crore from various banks. Several cases were registered against him in Karnataka and Tamil Nadu, said Maqsood Ali, investigating officer. According to him, the accused was arrested from his native place and brought to the City and sent to judicial custody. He was charged under Sections 406, 420 and 409 of IPC.
