Overview

• Anil Mithas, a Noida-based real estate developer, was arrested on May 8 by the Economic Offences Wing (EOW) of Delhi Police for allegedly diverting ₹165 crore in bank loans.
• The loans, sanctioned in 2016 and 2017 for construction projects in Noida and Gurgaon, were reportedly misrepresented and siphoned into related parties and shell companies.
• A 2019 creditor-initiated insolvency proceeding led to a forensic audit that uncovered significant financial discrepancies dating back to 2014.
• The audit revealed dual mortgaging of assets and diversion of funds, prompting the EOW to register cases under multiple sections of the Indian Penal Code.
• Mithas is also implicated in two additional cheating cases and one money-laundering case under investigation by the Enforcement Directorate.