ED Clamps Down on Rs 100 Crore in Lucknow Real Estate Money Laundering Case
The Enforcement Directorate (ED) has attached assets worth over Rs 100 crore in connection with a money laundering case involving the Aranya Project in Lucknow. The project, developed by Unnati Fortune Holdings Limited (UFHL), is linked to Anil Mithas HUF, a promoter of UFHL.
Real EstateMoney LaunderingEdUnnati Fortune Holdings LimitedAranya ProjectReal Estate NewsSep 08, 2025
The ED initiated its probe based on several FIRs registered by the Uttar Pradesh Police under various sections of the Indian Penal Code (IPC) against UFHL, Anil Mithas, Madhu Mithas, and other top officials of the company. The investigation has uncovered that Anil Mithas, the primary promoter and a key person in UFHL, diverted approximately Rs 126.30 crore through various methods of money laundering. These methods included equity investment, preference shares, debentures/bonds, loans, advances, and security deposits to related parties during the period from 2011 to 2019.
The funds were collected from homebuyers and investors and deposited into multiple bank accounts of UFHL. This diversion and siphoning of funds from UFHL were detrimental to the project, leading to its non-completion and the misappropriation of homebuyers' and investors' funds. This resulted in significant financial losses for financial institutions and homebuyers, while the directors and promoters of UFHL gained wrongfully.
Anil Mithas was arrested by the ED on April 16 and is currently in judicial custody. Searches were conducted at various related premises the following day, leading to the seizure of incriminating documents and digital evidence. On June 11, 2025, the ED, Lucknow, issued a Provisional Attachment Order, attaching one movable and 12 immovable assets worth Rs 25.94 crore belonging to the former directors/promoters of UFHL and their associated entities.
Additionally, the ED filed a Prosecution Complaint before the Court of the Hon’ble Special Judge, Anti-Corruption, CBI Ghaziabad on June 13, 2025, against the accused company, M/s Unnati Fortune Holdings Limited (UFHL), and its promoter, Anil Mithas, under the Prevention of Money Laundering Act, 2002. To date, movable and immovable assets worth Rs 126 crore belonging to UFHL and its promoters/associated entities have been attached by the ED.
The investigation is ongoing, and the ED is committed to ensuring that all those involved in this money laundering scheme are held accountable for their actions. This case underscores the importance of stringent regulatory measures and thorough investigations to prevent such financial malpractices in the real estate sector.
Frequently Asked Questions
What is the total value of assets attached by the ED in the Lucknow real estate money laundering case?
The ED has attached assets worth over Rs 100 crore in the Lucknow real estate money laundering case involving the Aranya Project.
Who is the main promoter of Unnati Fortune Holdings Limited (UFHL)?
The main promoter of Unnati Fortune Holdings Limited (UFHL) is Anil Mithas.
What methods did Anil Mithas use to divert funds from UFHL?
Anil Mithas diverted funds from UFHL through various methods including equity investment, preference shares, debentures/bonds, loans, advances, and security deposits to related parties.
When was Anil Mithas arrested by the ED?
Anil Mithas was arrested by the ED on April 16, 2025.
What is the total value of assets attached by the ED so far in this case?
To date, the ED has attached movable and immovable assets worth Rs 126 crore belonging to UFHL and its promoters/associated entities.
Related News Articles
Boosting India's Housing Market: Developers Seek Tax Incentives and Industry Status in Budget 2024
The Indian housing sector is looking forward to the Union Budget 2024, expecting tax reliefs and other sentiment boosters to stimulate growth in the market.
Kalpataru Ltd Set to Enter Nagpur Real Estate Market with Plotted Development Project
Mumbai-based Kalpataru Ltd plans to launch a plotted development project in Nagpur, marking its entry into the city's real estate market. The project will be spread across 37 acres and will have 400 plots of sizes 1,200 to 4,000 sq ft range.
Hong Kong Halts Commercial Land Sales for Seventh Consecutive Quarter
Hong Kong's government has announced that it will not sell any commercial land in the quarter from October to December, citing low demand and high office vacancy rates.
Homebuyers Forum Claims RERA Act Falls Short of Objectives, Urges Consumer Affairs Ministry for Action
A forum representing homebuyers in Maharashtra claims that the Real Estate (Regulation and Development) Act, 2016, has failed to meet its objectives. The forum is now urging the Union Consumer Affairs Ministry to issue specific guidelines to protect consu
Ahmedabad Shines with Top Rental Yields in India
Ahmedabad leads the pack with the highest rental yields in India, clocking in at 3.9%, according to a recent report by Magicbricks. Other cities like Hyderabad, Kolkata, and Pune are also seeing significant increases in rental returns.
Incuspaze Expands with Major Leasing Deal in Gurugram's Thriving Real Estate Market
Incuspaze, a prominent player in the commercial real estate sector, has announced a significant leasing deal in Gurugram, marking a major expansion in one of India’s most booming real estate markets. This move underscores the growing demand for quality of