EOW arrests Unnati Fortune Holding’s director for siphoning off crores from private bank, ET RealEstate
NEW DELHI: The Economic Offences Wing (EOW) of Delhi Police has arrested a real estate developer for allegedly cheating and siphoning off crores of rupees from a private bank, police said on Monday. The accused, Anil Mithas (52), a resident of Noida, is the director and majority stakeholder of a real estate group, the police said.
The private bank had sanctioned loans of Rs 100 crore and Rs 65 crore in 2016 and 2017 for the construction of projects in Noida and Gurgaon by M/s Unnati Fortune Holding Limited (UFHL).
However, it was found that Mithas had allegedly misrepresented facts and siphoned off the loan amount.
In 2019, M/s Nupur Finvest Pvt Ltd, a financial creditor, approached the National Company Law Tribunal (NCLT), alleging that UFHL had mortgaged the same 75 flats with them and later with the private bank.
The NCLT initiated insolvency proceedings and appointed an Insolvency Resolution Professional (IRP), who ordered an audit of UFHL.
The audit allegedly revealed major financial discrepancies from March 2014 to March 2019, showing diversion of funds to related parties, sister concerns and shell companies, the police added.
Based on these findings, a case was registered and after collecting sufficient evidence, Mithas was arrested on May 8.
He is also an accused in two other cases of cheating and one case registered by the Enforcement Directorate, the police said, adding that further investigation is underway.
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