EOW Arrests Delhi Real Estate Developer for Siphoning Off Crores from Private Bank
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The Economic Offences Wing (EOW) of Delhi Police has arrested Anil Mithas, a 52-year-old real estate developer, for allegedly cheating a private bank and misappropriating crores of rupees, police reported on Monday.
Mithas, who lives in Noida, is the director and majority stakeholder of the real estate company Unnati Fortune Holding Limited (UFHL). He was arrested after an investigation into a fraudulent loan scheme linked to his company.
The Loans and Alleged Fraud
In 2016 and 2017, a private bank approved two large loans—₹100 crore and ₹65 crore—for the construction of real estate projects in Noida and Gurgaon. However, it was later discovered that Mithas allegedly misrepresented the facts in order to misuse the loan funds.
The NCLT Investigation and Financial Discrepancies
In 2019, a financial creditor called M/s Nupur Finvest Pvt Ltd filed a complaint with the National Company Law Tribunal (NCLT). They accused UFHL of mortgaging the same 75 flats with both them and the private bank, which led to insolvency proceedings. The NCLT appointed an Insolvency Resolution Professional (IRP) to audit UFHL’s financials.
The audit uncovered major financial discrepancies that took place between March 2014 and March 2019. The investigation revealed that funds from the loans had been diverted to related parties, sister concerns, and shell companies. Click here to read more news.
Arrest and Ongoing Investigation
After gathering enough evidence from the audit, the EOW registered a case against Mithas. On May 8, Mithas was arrested for his involvement in the fraudulent activities.
Mithas is also facing charges in two other cheating cases and is under investigation by the Enforcement Directorate (ED) for additional financial offenses. Authorities say the investigation is still ongoing. Click here to read more news.
