Has the ED seized Rs 100 crore assets in Noida’s Aranya housing project?
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Synopsis
The ED's recent seizure of Rs 100 crore in assets from the Aranya Project in Noida highlights serious allegations of fund misappropriation. With a significant number of homebuyers affected, this case raises questions about accountability in real estate development.
Key Takeaways
- ED has seized assets worth Rs 100.06 crore in Noida.
- Unnati Fortune Holdings Limited faces serious allegations of fund misappropriation.
- Hundreds of homebuyers left in distress due to project delays.
- Investigation spans over a period from 2011 to 2019.
- Call for accountability in the real estate sector is heightened.
Lucknow, Sep 8 (NationPress) The ED has provisionally attached assets valued at Rs 100.06 crore in the Aranya Project located in Noida due to the alleged misappropriation of funds collected from homebuyers and investors by the project’s parent company, which is led by Anil Mithas, an official reported on Monday.
The Directorate of Enforcement (ED) took action from its Lucknow Zonal Office against Unnati Fortune Holdings Limited (UFHL), owned by Anil Mithas HUF, for diverting funds from homebuyers and investors. This misappropriation has resulted in significant losses for both financial institutions and homebuyers, while unjustly benefitting its Directors and Promoters.
The ED indicated that the diversion of UFHL’s funds has adversely affected the project, leading to its incomplete status and the mismanagement of homebuyers’ and investors’ money.
The Aranya Project, developed by UFHL under Anil Mithas HUF, has faced repercussions from the ED under the Prevention of Money Laundering Act (PMLA), 2002.
The federal investigative agency has commenced an inquiry into the developer based on several FIRs filed by the UP Police against UFHL, Anil Mithas, Madhu Mithas, and other principal officials of UFHL, as stated by the official.
Preliminary findings suggest that Rs 126.30 crore has been diverted by Anil Mithas.
The ED has accused Anil Mithas, the main promoter of UFHL, of employing various deceptive money laundering tactics, including equity investments, preference shares, bonds, loans, and security deposits to related parties, all during the period of the offenses from 2011 to 2019, utilizing funds amassed from homebuyers and investors across multiple bank accounts of UFHL.
According to an ED statement from April, UFHL collected Rs 522.90 crore from homebuyers between 2012 and 2019 for its residential-cum-commercial project, Aranya, situated in Sector 119, Noida. Unfortunately, the project has failed to meet its completion deadlines, leaving numerous buyers in a difficult position.
On April 17 this year, the Lucknow Zonal Office of the ED conducted searches at eight locations across Noida, Delhi, Agra, and Meerut as part of the money laundering investigation against UFHL and Anil Mithas.
The raids on UFHL's offices and the residences of its officials were intended to uncover the Proceeds of Crime (POC) that were allegedly siphoned off by Mithas and his associates, according to the ED.
Point of View
It is crucial to acknowledge the impact of this case on the real estate market and the lives of homebuyers. The actions taken by the ED reflect the need for stringent regulations and accountability within the sector. The plight of affected buyers should serve as a wake-up call for all stakeholders involved.
NationPress
08/09/2025
Frequently Asked Questions
What is the Aranya Project?
The Aranya Project is a residential-cum-commercial development located in Sector 119, Noida, developed by Unnati Fortune Holdings Limited (UFHL).
Who is Anil Mithas?
Anil Mithas is the main promoter of Unnati Fortune Holdings Limited, the parent company of the Aranya Project, and has been accused of misappropriating funds.
What actions have been taken by the ED?
The Enforcement Directorate has provisionally attached assets worth Rs 100.06 crore and initiated an investigation into the financial activities of UFHL and its promoters.
How much money was raised from homebuyers?
Unnati Fortune Holdings Limited raised approximately Rs 522.90 crore from homebuyers between 2012 and 2019 for the Aranya Project.
What are the allegations against UFHL?
The allegations include misappropriation of funds, resulting in significant financial losses for homebuyers and financial institutions, and the incomplete status of the Aranya Project.
