Delhi Police Arrests Real Estate Developer for Alleged Siphoning of Rs.165 Crore

Strategic Insights -

Delhi police's Economic Offences Wing has arrested a Noida-based real estate developer, Anil Mithas, for allegedly diverting over Rs.165 crore in bank loans to shell entities and sister concerns under the Unnati Fortune Group umbrella. The case involves two real estate projects in Noida and Gurugram, where loans were secured in 2016 and 2017 but the funds were allegedly misused instead of being used for construction. The investigation was triggered by a complaint from a private bank and subsequent forensic audit of the company's financials revealed serious financial irregularities, including dual mortgaging of properties and diversion of funds.

Key Takeaways:

  • The accused, Anil Mithas, is the promoter of the Unnati Fortune Group and has been arrested for allegedly siphoning off over Rs.165 crore in bank loans.
  • The loans were secured in 2016 and 2017 for two real estate projects in Noida and Gurugram, but the funds were allegedly diverted to shell entities and sister concerns under the group's umbrella.
  • The forensic audit of the company's financials revealed serious financial irregularities, including dual mortgaging of properties and diversion of funds.
  • A case has been registered under Sections 406, 420, and 120-B of the Indian Penal Code, with Section 409 added later.
  • Mithas has been named in two earlier EOW cases under similar charges involving the use of a network of shell firms.
  • A 2018-19 audit conducted by the Noida authority found that Mithas had sold one apartment to multiple buyers, and the mortgaging of the same proposed units to multiple banks and buyers.

Statistics:

  • Rs.165 crore - the alleged amount siphoned off
  • 2016 - the year the first loan was secured
  • 2017 - the year the second loan was secured
  • 20-30% - the completion status of the Aranya project in Sector 119
  • 2 - the number of IT parks launched in 2012-13 in Sector 144
  • 3BHK - the type of unit bought by Arun Kumar Chauhan in Unnati's Aranya housing project

Sources:

  • Delhi Police Officials
  • Hindustan Times