Builder’s Shocking Method Of Converting Black Money Revealed News24 –

(Reported By Junaid Akhtar)

Noida: In a big update coming from Noida, the Enforcement Directorate (ED) on Thursday raided the residence of a famous builder located in Sector 119. The ED team reached the apartment premises at around 8 am and started the search operation. They have started questioning the builder after taking him into custody.

Money Laundering Case

According to ED, the action has been taken in a case related to money laundering of about Rs 200 crore. ED has also detained Unnati Group builder Anil Mithas and questioning him in this case. ED officials have partially sealed the apartment premises and documents, while digital data and other evidence are being examined.

Rs 200 Crore Fraud

Moreover, the builder is accused of illegally transferring funds to the project through fake companies and dubious investors. The funds were later converted into white money through money laundering. ED suspects that about Rs 200 crore has been misappropriated through this network.

Residents In Panic

The ED raid caused panic among the residents of Unnati Fortune Apartments located in Sector 119. Some residents said that complaints have already been made against the builder regarding delay in construction and financial irregularities. The builder is being questioned on money laundering, bank accounts and documents related to investors.

Subsidiary Companies On Radar

Unnati Fortune Group has developed several major housing projects in Noida. These include The Arayan and The Elite Address in Sector-119. Earlier in 2018, Anil Mithas was arrested for not complying with the orders of the Uttar Pradesh Real Estate Regulatory Authority (UP RERA). Some associate companies of Unnati Fortune Group, such as IVR Prime IT SEZ are also facing financial troubles.