Real Estate Scandal: Promoter Arrested in Multi-Crore Fraud Case

Anil Mithas, a promoter of the Noida-based Unnati Group, has been arrested under anti-money laundering laws for diverting Rs 107 crore from home buyers. The Enforcement Directorate found funds were misused through fake loans, leading to stalled projects and fraud allegations against multiple buyers.

Anil Mithas, the main promoter of a prominent Noida-based real estate company, has been arrested under anti-money laundering laws. The Enforcement Directorate (ED) made the arrest in connection with a case involving the alleged diversion of Rs 107 crore from home buyers.

The arrest stems from multiple FIRs filed by a Special Investigation Team in Uttar Pradesh. These accuse Unnati Fortune Holdings Limited and its promoters of cheating buyers and committing a Rs 107 crore fraud. An audit revealed significant diversion of funds initially collected for a major residential project.

The ED's investigation revealed that instead of allocating the collected Rs 522.9 crore to the project's development, the funds were partly misused. This included fake loans and advances, leading to project delays and alleged fraudulent sales to multiple buyers. The situation has caused significant financial hardships for affected families.

(With inputs from agencies.)