The Economic Offences Wing (EOW) of Delhi Police has arrested a businessman for allegedly siphoning off funds worth several crores from a private bank, officials said on Monday.

The accused, Anil Mithas, a resident of Noida (UP) and a real estate developer, was arrested for his involvement in a financial fraud case involving the diversion of bank loan amounts.

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According to the complainant bank, loans amounting to Rs 100 crore for the balance construction of the Aranya Project in Noida and Rs 65 crore for the Alder Grove and Uniworld (UW) Resorts projects in Gurgaon were sanctioned in 2016 and 2017 to Unnati Fortune Holding Limited (UFHL).

The bank alleged that the company misrepresented facts and siphoned off the sanctioned amounts.

An audit report confirmed that the funds were diverted and invested in related parties, sister concerns, and shell companies.

Based on the findings, a case under relevant sections of the Indian Penal Code (IPC) was registered at the EOW Police Station, and an investigation was initiated.

During the probe, all relevant stakeholders, witnesses, and associated agencies were examined. Responses were obtained from the Insolvency Professional, the auditor, and the complainant bank.

“After analyzing the relevant documents, the investigation confirmed the siphoning of funds,” an official said.

Following the collection of sufficient evidence, the accused, Anil Mithas, was arrested on May 8. Further investigation is currently underway.