New Delhi, May 12 — The Economic Offences Wing (EOW) of Delhi Police has arrested Anil Mithas, a prominent real estate developer, for allegedly cheating a private bank and siphoning off a total of Rs 165 crore through fraudulent means.
According to police officials, 52-year-old Mithas, a resident of Noida, is the director and majority stakeholder of M/s Unnati Fortune Holding Limited (UFHL), a real estate group. The bank had sanctioned loans amounting to Rs 100 crore in 2016 and Rs 65 crore in 2017 for the development of real estate projects in Noida and Gurgaon under UFHL’s name.
However, subsequent investigations revealed that Mithas had allegedly misrepresented project details and diverted the sanctioned loan amounts. In a major red flag, the same 75 flats were reportedly mortgaged to both M/s Nupur Finvest Pvt Ltd, a financial creditor, and the private bank.
This discovery led Nupur Finvest to approach the National Company Law Tribunal (NCLT) in 2019. As a result, the NCLT initiated insolvency proceedings against UFHL and appointed an Insolvency Resolution Professional (IRP) to probe the company’s finances.
The forensic audit ordered by the IRP revealed massive financial irregularities between March 2014 and March 2019. Investigators found evidence of significant fund diversion to shell companies, sister concerns, and other related entities.
Following the audit and collection of substantial evidence, a case was formally registered and Anil Mithas was arrested on May 8. Authorities also confirmed that Mithas is facing two additional cases of cheating, along with another case filed by the Enforcement Directorate.
Police have stated that further investigation is ongoing to trace the full extent of the fraud and the network of entities involved.