Real estate tycoon Anil Mithas nabbed in Rs 165 crore loan fraud case
NEW DELHI: The Economic Offences Wing of the Delhi Police has arrested a real estate businessman in connection with a large-scale financial fraud involving the alleged misappropriation and siphoning of loans worth crores of rupees.
The police were informed about the incident through a complaint registered at the Economic Offenses Wing.
The accused has been identified as Anil Mithas (52), a resident of Noida, UP.
According to the police, the arrest was made on May 8 following a detailed investigation into complaints of fund diversion and cheating lodged by ICICI Bank and other stakeholders.
The accused Mithas, who is the majority shareholder and Director of Unnati Fortune Holding Limited (UFHL), is accused of fraudulently diverting funds sanctioned by ICICI Bank for real estate projects.
The bank had disbursed Rs 100 crore for the construction of the Aranya Project in Noida and 65 crore rupees for the Alder Grove and Uniworld Resorts projects in Gurgaon during 2016 and 2017.
However, it was later discovered that the funds were allegedly siphoned off through misrepresentation and fraudulent practices.
The case gained further traction in 2019 when financial creditor Nupur Finvest Pvt. Ltd. approached the National Company Law Tribunal (NCLT), Delhi, claiming that UFHL had mortgaged 75 flats with them and subsequently re-mortgaged the same properties with ICICI Bank.
The NCLT initiated insolvency proceedings against UFHL and appointed an Interim Resolution Professional (IRP), who commissioned an audit into the company’s financial records.
The auditor’s report revealed serious discrepancies in UFHL’s accounts between March 2014 and March 2019.
The findings pointed to the diversion of sanctioned loan amounts to related parties, sister concerns, and shell companies, rather than being utilised for their intended purpose.
Based on these revelations an FIR under Sections 406, 420, 120-B of the Indian Penal Code was registered at the EOW police station, with Section 409 IPC later added during the investigation.
During the probe, EOW officials examined multiple stakeholders, including the IRP, auditors, complainant bank officials, and representatives of Nupur Finvest.
Documentary evidence and statements confirmed the fund misappropriation. With sufficient evidence in place, Mithas was taken into custody.
Mithas, a prominent figure in the Delhi-NCR real estate sector, has previously faced two FIRs under similar financial fraud charges. He is also under investigation by the Enforcement Directorate in a separate money laundering case. Further inquiries into the present case are ongoing.
