New Delhi: The Economic Offences Wing (EOW) of the Delhi Police has apprehended a prominent real estate developer, Anil Mithas, for allegedly defrauding a private bank and embezzling crores of rupees, authorities reported on Monday.
Mithas, 52, a resident of Noida, serves as the director and majority stakeholder of a real estate firm, M/s Unnati Fortune Holding Limited (UFHL). In 2016 and 2017, the private bank sanctioned loans amounting to ₹100 crore and ₹65 crore, respectively, for the development of projects in Noida and Gurgaon.
However, investigations revealed that Mithas allegedly misrepresented critical information and misappropriated the loan funds.
In 2019, M/s Nupur Finvest Pvt Ltd, a financial creditor, filed a complaint with the National Company Law Tribunal (NCLT), claiming that UFHL had mortgaged the same 75 flats to both their firm and the private bank. This prompted the NCLT to initiate insolvency proceedings and appoint an Insolvency Resolution Professional (IRP), who subsequently ordered a comprehensive audit of UFHL.
The audit uncovered significant financial irregularities spanning from March 2014 to March 2019, indicating the diversion of funds to related parties, sister concerns, and shell companies, according to police reports.
Following these revelations, a case was registered, and after gathering substantial evidence, Mithas was arrested on May 8. He is also implicated in two additional cases of fraud and one case initiated by the Enforcement Directorate. The investigation is ongoing as authorities continue to unravel the extent of the alleged financial misconduct.
