India, May 13 -- The Economic Offences Wing (EOW) of the Delhi Police has arrested a Noida-based real estate developer and key managerial figure at Unnati Fortune Holding Limited (UFHL) for allegedly siphoning off over Rs.165 crore in bank loans sanctioned for real estate projects in Noida and Gurugram, officials said on Monday.

The accused, identified as Anil Mithas, 52, is the promoter of the Unnati Fortune Group. His arrest follows a complaint filed by a private bank, which alleged that UFHL had secured loans of Rs.100 crore in 2016 and Rs.65 crore in 2017 for two real estate projects - Aranya in Noida's Sector 119 and Alder Grove/Uniworld Resorts in Gurugram - but diverted the funds to shell entities and sister concerns under the gro...