ED files money laundering charges against Unnati Fortune Holdings, promoter Anil Mithas

Lucknow/Ghaziabad, Aug 20 (IANS) The Directorate of Enforcement's (ED), Lucknow Zonal Office, has filed a Prosecution Complaint against Unnati Fortune Holdings Limited (UFHL) and its promoter Anil Mithas under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

According to an ED press release, the complaint was filed before the court of the Special Judge, Anti-Corruption (CBI), Ghaziabad, on June 13. After examining the ED’s findings and submissions, the court took cognisance of the charges under Sections 3 and 4 of the PMLA on August 18, 2025, against both UFHL and Mithas.

The ED’s action follows a detailed investigation initiated on the basis of multiple FIRs filed by the Uttar Pradesh Police against UFHL, its promoters Anil Mithas, Madhu Mithas, and other key officials. The FIRs alleged serious financial irregularities and fraud under various sections of the Indian Penal Code, 1860.

According to the ED, investigations revealed that approximately Rs 126.30 crore — collected from homebuyers as advance payments for real estate projects — was illegally diverted by Anil Mithas between 2011 and 2019. The diverted funds were routed through various means, including investments in equity, preference shares, debentures, bonds, and loans to related parties.

These activities amounted to money laundering and caused severe project delays, non-completion, and financial losses to both investors and financial institutions, while allegedly benefiting UFHL’s promoters and directors.

As part of the probe, Anil Mithas, the main promoter and key managerial person of UFHL, was arrested on April 16. He remains in judicial custody.

Subsequently, on April 17, the ED conducted search operations at various locations associated with UFHL and its connected entities in Delhi and Uttar Pradesh, resulting in the seizure of incriminating evidence.

Further, on June 11, the ED issued a Provisional Attachment Order, seizing one movable and 12 immovable assets valued at Rs 25.94 crore belonging to UFHL’s former directors, promoters, and linked entities. The ED has stated that further investigation in the case is in progress, and more action may follow depending on the findings.

--IANS

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