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    Mahim Mittal, a chartered accountant, was arrested by the Economic Offences Wing of Delhi Police in connection with three cases regarding a housing project called "Shivkala Charms" in Greater Noida. Approximately 300 investors alleged that the company cheated them by not delivering flats as promised. Most flats were financed by loans from banks and housing finance companies totaling approximately 60 crores. The project was abandoned and flats were allegedly allotted multiple times and to non-existing flats. Mittal was found to have siphoned funds to related companies. He was also involved in other cases regarding different housing projects in Noida.

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    Eow

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    Mahim Mittal, a chartered accountant, was arrested by the Economic Offences Wing of Delhi Police in connection with three cases regarding a housing project called "Shivkala Charms" in Greater Noida. Approximately 300 investors alleged that the company cheated them by not delivering flats as promised. Most flats were financed by loans from banks and housing finance companies totaling approximately 60 crores. The project was abandoned and flats were allegedly allotted multiple times and to non-existing flats. Mittal was found to have siphoned funds to related companies. He was also involved in other cases regarding different housing projects in Noida.

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    Mahim Mittal, a chartered accountant, was arrested by the Economic Offences Wing of Delhi Police in connection with three cases regarding a housing project called "Shivkala Charms" in Greater Noida. Approximately 300 investors alleged that the company cheated them by not delivering flats as promised. Most flats were financed by loans from banks and housing finance companies totaling approximately 60 crores. The project was abandoned and flats were allegedly allotted multiple times and to non-existing flats. Mittal was found to have siphoned funds to related companies. He was also involved in other cases regarding different housing projects in Noida.

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    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    123 views3 pages

    Eow

    Uploaded by

    ravi_bhateja_2
    Mahim Mittal, a chartered accountant, was arrested by the Economic Offences Wing of Delhi Police in connection with three cases regarding a housing project called "Shivkala Charms" in Greater Noida. Approximately 300 investors alleged that the company cheated them by not delivering flats as promised. Most flats were financed by loans from banks and housing finance companies totaling approximately 60 crores. The project was abandoned and flats were allegedly allotted multiple times and to non-existing flats. Mittal was found to have siphoned funds to related companies. He was also involved in other cases regarding different housing projects in Noida.

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    of 3

    Important Detection by Economic Offence Wing

    Date: 08th January, 2014


    Buider Mahim Mittal S/o K.C.Mittal R/o A-7, Sector-50, Noida,
    Gautam Budh Nagar, UP, aged 47 years, a qualified Chartered
    Accountant has been arrested by Economic Offences Wing of
    Delhi Police in Connection with the three cases(62/12 PS EOW,
    65/12

    PS

    EOW

    &

    143/12

    409/420/467/468/471/120-B

    PS
    IPC)

    EOW,

    all

    registered

    registered
    in

    respect

    u/s
    of

    project launched by Golf Course Sahkari Awas Samiti, namely


    Shivkala Charms at at Plot No. 07, Sector- Pi II, Greater
    Noida, Gautam Budh Nagar, UP. Large number of general public
    invested (APPROXIMATELY 300 INVESTORS) in the said
    project. They alleged that the company/firm M/s Golf Course
    Sahakari Awas Samiti Ltd. in connivance with its various
    companies of Shivkala Groups and their directors have cheated
    the general public on pretext of the pre-launch project. The
    alleged company/firm has not delivered the flats as promised
    to be delivered by the end of December, 2008.
    Most of the allotted flats in the alleged project were
    financed by different financial institution i.e., (i) PNB Housing
    Finance Ltd (ii) LIC Housing Finance Ltd. and (iii) HDFC Bank
    Ltd. (iv) Axis Bank Ltd. These financial institution extended
    loans to the extent of 90% of the total consideration amount
    and directly transferred these amounts to alleged companies.
    They kept on demanding instalments even when the project
    was abandoned by the builders.

    There have been several instances where the same


    flat has been allotted to more than two/three persons and
    financial institutions advanced more than one loan on the same
    flat but to different persons. It has been ascertained that
    directors/officials of the alleged company have allotted similar
    flats in the alleged project to different persons. There are
    various allotments in respect of Non-existing flats. They
    allotted more than 300 flats against proposed availability of
    140 flats. Total amount financed by these banks/financial
    institution is approximately 60 crores.
    The aforesaid financial institution have also informed
    that alleged Mahim Mittal and Asit Mittal are authorized
    representative to look after the financial affairs of the alleged
    Samiti i.e., Golf Course Sahakari Awas Samiti Ltd.

    Greater Noida Industrial Development Authority has


    confirmed that the alleged Samiti had filed a completion
    Certificate on 29.12.09 and the authority has dismissed the
    same. The lease deed granted to the Samiti also stands
    cancelled.
    During investigation, it was revealed that funds of the
    alleged Samiti collected from the complainants/investors were
    regularly transferred to its sister concern M/s Advantage
    Engineers

    and

    Developers

    Pvt.

    Ltd.,

    whose

    Directors/Authorized representatives are the family members


    of the accused Mahim Mittal. 13 bank accounts related to
    various group companies of Shivkala Group stand Freezed.

    Mahim Mittal was earlier arrested in case FIR No.


    809/12

    (Criminal

    Case

    No.

    936/12)

    dt.

    29.09.2012

    420/467/468/471/120-B/34/147/452/323/448/504/506

    IPC

    U/s
    PS

    Sector 58, Noida which is registered in respect of another


    project at Sector 63, Noida, UP and it has been revealed that
    on 01.10.2012, He has also been involved in following other
    cases:a) FIR No. 769 (Criminal Case No. 859/12) dt. 13.09.2012 U/s
    420/467/468/471/406 IPC PS Sector 20, Noida, Distt. Gautam
    Budh Bagar, UP.
    b) FIR No. 718 (Criminal Case No. 799/12) dt. 01.09.2012 U/s
    420/467/468/471 IPC PS Sector 20, Noida, Distt. Gautam
    Budh Bagar, UP.

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