India News | Delhi Builder Arrested for Siphoning off Crores from Private Bank
Get latest articles and stories on India at LatestLY. 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.
New Delhi, May 12 (PTI) 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.
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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.
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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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)