Latest news with #AnilMithas
India Today
a day ago
- Business
- India Today
ED seizes assets, shares worth nearly Rs 26 crore in Noida property scam
The Enforcement Directorate (ED) has seized several properties and assets worth nearly Rs 25.94 crore in a money laundering case under the Prevention of Money Laundering Act (PMLA) against Unnati Fortune Holdings Ltd (UFHL) and its promoters for allegedly duping home buyers and financial institutions. Twelve properties have been seized in Meerut, Noida and Delhi. This apart, a preference share certificate has also been seized by the ED in this case. advertisementThe probe is being conducted by the Enforcement Directorate based on FIRs filed by the Uttar Pradesh police under various sections of the Indian Penal Code against UFHL, its promoters, including the main promoter Anil Mithas, Madhu Mithas and other key company officials. According to the ED, Anil Mithas, along with others, allegedly collected massive sums from homebuyers and secured loans from financial institutions for their flagship project, Unnati, The Aranya in Sector 119 of between 2011 and 2019, around Rs 126.3 crore was allegedly diverted through investments in equity shares, debentures, loans, and advances to related entities. This led to incomplete projects, financial defaults and heavy losses for both the buyers and the Mithas was arrested by the ED on April 16, 2025, and is presently in judicial custody. The agency had also conducted searches at multiple locations connected to the accused on April 17, resulting in the seizure of incriminating documents and digital Watch
Hindustan Times
13-05-2025
- Business
- Hindustan Times
Noida real estate developer held for ₹165 cr bank fraud: EOW
The Economic Offences Wing (EOW) of the Delhi Police has arrested a Noida-based real estate developer and key managerial figure at Unnati Fortune Holding Limited (UFHL) for allegedly siphoning off over ₹165 crore in bank loans sanctioned for real estate projects in Noida and Gurugram, officials said on Monday. The accused, identified as Anil Mithas, 52, is the promoter of the Unnati Fortune Group. His arrest follows a complaint filed by a private bank, which alleged that UFHL had secured loans of ₹100 crore in 2016 and ₹65 crore in 2017 for two real estate projects — Aranya in Noida's Sector 119 and Alder Grove/Uniworld Resorts in Gurugram — but diverted the funds to shell entities and sister concerns under the group's umbrella. 'During the investigation, it was revealed that instead of using the funds for construction, the company allegedly diverted the money to shell entities and sister concerns,' said Amrutha Guguloth, additional commissioner of police (EOW). 'The fraudulent transactions came to light during insolvency proceedings initiated in 2019.' The case gained momentum after a financial creditor approached the National Company Law Tribunal (NCLT), alleging that 75 flats mortgaged to them had already been mortgaged to the private bank. This triggered the appointment of an interim resolution professional (IRP), who then commissioned a forensic audit of UFHL's financials from March 2014 to March 2019. The audit flagged serious financial irregularities, including dual mortgaging of properties and diversion of funds. 'Documents recovered during the probe clearly established misappropriation and fraudulent diversion of bank loans,' Guguloth said. Based on these findings, a case was registered under Sections 406 (criminal breach of trust), 420 (cheating), and 120-B (criminal conspiracy) of the Indian Penal Code, with Section 409 (criminal breach of trust by banker or agent) added later. Mithas was already in custody after being arrested by the Enforcement Directorate (ED) on May 8 in a separate money laundering case. He has also been named in two earlier EOW cases — in 2017 and 2020 — under similar charges involving the use of a network of shell firms. Further, a 2018-19 audit conducted by the Noida authority, following complaints from homebuyers, found that Mithas had sold one apartment to multiple buyers — in some cases, up to six — even when the unit was merely proposed on paper. The audit also flagged the mortgaging of the same proposed units to more than one bank and multiple buyers, leaving many of them in financial and legal distress. His flagship Aranya project in Sector 119, where most complaints have originated, remains only 20-30% built. Despite launching two IT parks in 2012-13 in Sector 144 along the Noida-Greater Noida Expressway, work never began on-site, officials and locals alleged. In fact, he was first accused in 2013 of selling workspace in these parks without owning the land or securing construction approvals from the Noida authority. 'I had bought a 3BHK unit in Unnati's Aranya housing project in Sector 119 in 2012 with promises of delivery in 2014-15. But later I came to know that he had sold the same unit to someone else too. I am still waiting for justice. But the government bodies are nowhere to deliver the justice to buyers like me,' said Arun Kumar Chauhan, one of the affected buyers. Officials said that months before his arrest, the Unnati Group's office in Noida was shut down. Despite repeated attempts by HT, the company currently had no official spokesperson available for comment.
India Gazette
12-05-2025
- Business
- India Gazette
Real Estate tycoon held in multi-crore loan fraud by Delhi Police's Economic Offences Wing
New Delhi [India], May 12 (ANI): The Economic Offences Wing (EOW) of the Delhi Police has arrested Anil Mithas (52), a prominent real estate developer and resident of Noida, Uttar Pradesh, for his alleged involvement in a massive financial fraud involving the diversion of bank loans worth hundreds of crores of rupees. Mithas, the majority shareholder and Director of the Unnati Group, was taken into custody on May 8, 2025, following a detailed investigation that uncovered large-scale misappropriation of funds sanctioned by ICICI Bank. The loans--Rs 100 crore for the Aranya Project in Noida and Rs 65 crore for Project Alder Grove and Uniworld Resorts in Gurgaon--were reportedly sanctioned between 2016 and 2017 to M/s Unnati Fortune Holding Limited (UFHL). Amrutha Guguloth, Additional Commissioner of Police, EOW, said, 'ICICI Bank had lodged a complaint alleging that UFHL had misrepresented facts and diverted the sanctioned loan amounts. Investigations revealed that UFHL had also mortgaged 75 flats with another financial institution, M/s Nupur Finvest Pvt. Ltd., while using the same assets to secure loans from ICICI Bank.' The matter gained further attention in 2019 when Nupur Finvest filed a case with the National Company Law Tribunal (NCLT) in Delhi. The tribunal initiated insolvency proceedings and appointed an Insolvency Resolution Professional (IRP), who audited UFHL's financial activities. The auditor's report uncovered significant discrepancies between 2014 and 2019, confirming that large sums were siphoned off and diverted to related parties, sister concerns, and shell companies. Based on the findings, an FIR was registered under Sections 406, 420, and 120-B of the Indian Penal Code (IPC) at Police Station EOW. Section 409 (criminal breach of trust by public servant, banker, merchant, or agent) was later added as the investigation progressed. Authorities examined all relevant stakeholders, including the complainant bank, auditors, the IRP, and representatives of Nupur Finvest. Documentary evidence established a clear diversion of funds. Accused Anil Mithas, 52, also has a history of legal entanglements and was previously named in multiple FIRs and a case registered by the Enforcement Directorate (ED). Further investigation is currently underway. (ANI)
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Business Standard
12-05-2025
- Business
- Business Standard
EOW arrests Delhi builder for siphoning off crores from private bank
The Economic Offences Wing (EOW) of Delhi Police has arrested a real estate developer for allegedly cheating and siphoning off crores of rupees from a private bank, police said on Monday. The accused, Anil Mithas (52), a resident of Noida, is the director and majority stakeholder of a real estate group, the police said. The private bank had sanctioned loans of Rs 100 crore and Rs 65 crore in 2016 and 2017 for the construction of projects in Noida and Gurgaon by M/s Unnati Fortune Holding Limited (UFHL). However, it was found that Mithas had allegedly misrepresented facts and siphoned off the loan amount. In 2019, M/s Nupur Finvest Pvt Ltd, a financial creditor, approached the National Company Law Tribunal (NCLT), alleging that UFHL had mortgaged the same 75 flats with them and later with the private bank. The NCLT initiated insolvency proceedings and appointed an Insolvency Resolution Professional (IRP), who ordered an audit of UFHL. The audit allegedly revealed major financial discrepancies from March 2014 to March 2019, showing diversion of funds to related parties, sister concerns and shell companies, the police added. Based on these findings, a case was registered and after collecting sufficient evidence, Mithas was arrested on May 8. He is also an accused in two other cases of cheating and one case registered by the Enforcement Directorate, the police said, adding that further investigation is underway.
Time of India
12-05-2025
- Business
- Time of India
EOW arrests Unnati Fortune Holding's director for siphoning off crores from private bank
NEW DELHI: The Economic Offences Wing (EOW) of Delhi Police has arrested a real estate developer for allegedly cheating and siphoning off crores of rupees from a private bank, police said on Monday. The accused, Anil Mithas (52), a resident of Noida, is the director and majority stakeholder of a real estate group, the police said. The private bank had sanctioned loans of Rs 100 crore and Rs 65 crore in 2016 and 2017 for the construction of projects in Noida and Gurgaon by M/s Unnati Fortune Holding Limited ( UFHL ). However, it was found that Mithas had allegedly misrepresented facts and siphoned off the loan amount. In 2019, M/s Nupur Finvest Pvt Ltd, a financial creditor, approached the National Company Law Tribunal ( NCLT ), alleging that UFHL had mortgaged the same 75 flats with them and later with the private bank. The NCLT initiated insolvency proceedings and appointed an Insolvency Resolution Professional (IRP), who ordered an audit of UFHL. The audit allegedly revealed major financial discrepancies from March 2014 to March 2019, showing diversion of funds to related parties, sister concerns and shell companies, the police added. Based on these findings, a case was registered and after collecting sufficient evidence, Mithas was arrested on May 8. He is also an accused in two other cases of cheating and one case registered by the Enforcement Directorate, the police said, adding that further investigation is underway.
