ED Cracks Down on Noida Real Estate Scam: Attaches Assets Worth Over Rs 100 Crore in Aranya Project
In a major blow to real estate fraud in Noida, the Enforcement Directorate (ED) has provisionally attached assets worth Rs 100.06 crore linked to The Aranya Project. This action targets the diversion of funds collected from homebuyers and investors by the project’s parent company, Unnati Fortune Holdings Limited (UFHL), promoted by Anil Mithas. The ED’s Lucknow Zonal Office announced this on Monday, September 8, as part of their ongoing money laundering probe under the Prevention of Money Laundering Act (PMLA), 2002.
The trouble started when UFHL, owned by Anil Mithas HUF, allegedly misused money from homebuyers and investors. This led to massive losses for financial institutions and buyers, while directors and promoters like Anil Mithas pocketed wrongful gains. The ED points out that these fund diversions halted project completion, leaving hundreds of families in distress. The Aranya Project, a residential-cum-commercial development in Sector 119, Noida, promised much but delivered delays and disappointment.
ED’s investigation kicked off based on multiple FIRs filed by Uttar Pradesh Police under the Indian Penal Code (IPC), 1860. These cases named UFHL, Anil Mithas, his wife Madhu Mithas, and other key officials for their roles in the scam. So far, probes reveal Anil Mithas diverted a whopping Rs 126.30 crore between 2011 and 2019. He used tricky methods like equity investments, preference shares, debentures, loans, advances, and security deposits to siphon funds to related parties. All this came from the Rs 522.90 crore that UFHL collected from homebuyers for the Aranya Project between 2012 and 2019.
Remember those ED raids back in April? On April 17, the Lucknow team searched eight locations in Noida, Delhi, Agra, and Meerut. They targeted UFHL’s offices and the homes of its officials to uncover the "proceeds of crime" – the dirty money allegedly laundered by Mithas and his team. This latest attachment is a direct result of those efforts, aiming to recover funds for cheated homebuyers.
This Noida real estate scam highlights the risks in property investments and the ED’s tough stance against money laundering in India. As the case unfolds, affected buyers hope for justice and their money back. Stay tuned for updates on this developing story.
