Real Estate tycoon held in multi-crore loan fraud by Delhi Police's Economic Offences Wing

New Delhi [India], May 12 (ANI): The Economic Offences Wing (EOW) of the Delhi Police has arrested Anil Mithas (52), a prominent real estate developer and resident of Noida, Uttar Pradesh, for his alleged involvement in a massive financial fraud involving the diversion of bank loans worth hundreds of crores of rupees.
Mithas, the majority shareholder and Director of the Unnati Group, was taken into custody on May 8, 2025, following a detailed investigation that uncovered large-scale misappropriation of funds sanctioned by ICICI Bank. The loans--Rs 100 crore for the Aranya Project in Noida and Rs 65 crore for Project Alder Grove and Uniworld Resorts in Gurgaon--were reportedly sanctioned between 2016 and 2017 to M/s Unnati Fortune Holding Limited (UFHL).
Amrutha Guguloth, Additional Commissioner of Police, EOW, said, "ICICI Bank had lodged a complaint alleging that UFHL had misrepresented facts and diverted the sanctioned loan amounts. Investigations revealed that UFHL had also mortgaged 75 flats with another financial institution, M/s Nupur Finvest Pvt. Ltd., while using the same assets to secure loans from ICICI Bank."
The matter gained further attention in 2019 when Nupur Finvest filed a case with the National Company Law Tribunal (NCLT) in Delhi. The tribunal initiated insolvency proceedings and appointed an Insolvency Resolution Professional (IRP), who audited UFHL's financial activities. The auditor's report uncovered significant discrepancies between 2014 and 2019, confirming that large sums were siphoned off and diverted to related parties, sister concerns, and shell companies.
Based on the findings, an FIR was registered under Sections 406, 420, and 120-B of the Indian Penal Code (IPC) at Police Station EOW. Section 409 (criminal breach of trust by public servant, banker, merchant, or agent) was later added as the investigation progressed.
Authorities examined all relevant stakeholders, including the complainant bank, auditors, the IRP, and representatives of Nupur Finvest. Documentary evidence established a clear diversion of funds.
Accused Anil Mithas, 52, also has a history of legal entanglements and was previously named in multiple FIRs and a case registered by the Enforcement Directorate (ED).
Further investigation is currently underway. (ANI)