Real Estate Mogul Arrested in Multi-Crore Bank Fraud

Anil Mithas, a prominent real estate developer from Noida, has been apprehended by the Economic Offences Wing (EOW) of the Delhi Police. The arrest stems from his alleged involvement in a substantial financial fraud, where bank loans worth hundreds of crores were misappropriated.

The investigation, triggered by a complaint from ICICI Bank, uncovered that the loans—Rs 100 crore for the Noida-based Aranya Project and Rs 65 crore for Project Alder Grove and Uniworld Resorts in Gurgaon—were diverted improperly. These loans were approved for Unnati Fortune Holding Limited (UFHL) between 2016 and 2017.

Authorities revealed that UFHL misrepresented facts to secure loans, even mortgaging the same 75 flats with another entity, Nupur Finvest Pvt. Ltd. The fraud unraveled further during insolvency proceedings initiated by Nupur Finvest at the National Company Law Tribunal in 2019, revealing funds were funneled to related parties and shell companies.

(With inputs from agencies.)