Has the ED Filed a New Chargesheet Against a Noida Builder for Rs 126 Crore Fraud?
Synopsis
In a shocking turn of events, the Enforcement Directorate has filed a supplementary chargesheet against a prominent Noida builder for diverting a whopping Rs 126 crore from homebuyers. This case raises significant concerns about trust in real estate projects and the protection of buyers' interests.
Key Takeaways
ED Filed Supplementary Chargesheet against Unnati Fortune Holdings.
Rs 126 crore allegedly diverted from homebuyers.
Prominent promoter Anil Mithas arrested.
Investigation under PMLA , 2002.
Assets worth Rs 126 crore attached.
Ghaziabad, Jan 29 (NationPress) The Enforcement Directorate (ED) has officially submitted a supplementary chargesheet to a Special Court in Ghaziabad concerning a builder accused of misappropriating Rs 126 crore that was collected from home buyers for a project in Sector-119, Noida, as stated by an official on Thursday.
The chargesheet, filed by the ED's Lucknow Zonal office, falls under Sections 44 and 45 in conjunction with Sections 3, 4, and 70 of the Prevention of Money Laundering Act (PMLA), 2002. The target of this legal action is Unnati Fortune Holdings Limited (UFHL) and its Promoters/Directors, according to the official statement.
The investigation was prompted by FIRs lodged by the UP Police under several provisions of the IPC, 1860.
The builder has been scrutinized for the diversion of funds intended for its 'Unnati The Aranya' project in Sector-119, Noida, leading to the project's non-completion and significant losses for both homebuyers and financial institutions, as noted by the central agency.
According to the findings of the ED, a staggering Rs 126 crore was misappropriated by Anil Mithas, the principal promoter and key figure behind UFHL.
The illicit funds were funneled through means such as equity investments, preference shares, debentures/bonds, loans, advances, and security deposits to related parties during the period of the offense, which spanned from 2011 to 2019, originating from funds collected from homebuyers/investors deposited in various UFHL bank accounts.
The ED's statement indicated that these funds' diversion has severely impacted the project, leading to its non-completion and the misappropriation of homebuyers/investors' funds, resulting in considerable losses for both financial institutions and homebuyers, alongside unwarranted gains for UFHL's directors and promoters.
Anil Mithas, the company's main promoter, was apprehended by the ED on April 16, 2025, and remains in judicial custody.
Searches were executed at several related locations on April 17, 2025, leading to the confiscation of critical documents and digital evidence.
As of now, the ED has attached movable and immovable assets valued at Rs 126 crore belonging to UFHL and its associated promoters/entities.
Previously, a chargesheet was filed on June 13, 2025, before the Anti-Corruption CBI Special Court in Ghaziabad against UFHL and Anil Mithas under the provisions of PMLA, 2002, which the court acknowledged on August 18, 2025.
Point of View
I believe this case underscores the dire need for accountability in the real estate sector. The alleged actions of Unnati Fortune Holdings highlight a significant breach of trust, necessitating robust regulations to protect consumers. The implications of this case extend beyond just financial losses, affecting the entire housing market's integrity.
NationPress
1 May 2026
Frequently Asked Questions
What is the amount involved in the fraud case?
The fraud case involves an alleged diversion of Rs 126 crore collected from homebuyers.
Who is the main accused in this case?
The main accused is Anil Mithas , the principal promoter of Unnati Fortune Holdings Limited (UFHL) .
What legislation is being invoked in this case?
The chargesheet has been filed under the Prevention of Money Laundering Act (PMLA) , 2002.
When was the main promoter arrested?
Anil Mithas was arrested on April 16, 2025 .
What actions has the ED taken against the accused entities?
The ED has attached assets worth Rs 126 crore belonging to UFHL and its promoters.
