๐Ÿ’ธ Assets of Mantri Developers attached by ED

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As a part of its money laundering investigation, the Enforcement Directorate (ED) has attached โ‚น300 crore worth of immovable assets belonging to Mantri Developers.

Story so far: As the ED investigates the prominent real estate group based in Bengaluru, it has initiated action against the companyโ€™s director, Sushil P Mantri. After multiple FIRs were filed by homebuyers claiming that the company had โ€œcheatedโ€ them, the ED has now uncovered and attached assets worth โ‚น300 crores under the Prevention of Money Laundering Act (PMLA), 2002.

  • Subsidiaries of Mantri Developers were accused of misleading homebuyers with deceiving brochures and falsification of delivery timelines.
  • They collected deposits from many prospective homebuyers while diverting that money into other projects.

Criminal misappropriation: The ED stated that the money given by homebuyers in good faith was pooled into other projects, resulting in โ€œcriminal misappropriation.โ€ Over โ‚น300 crores were diverted out of funds thereby committing a money laundering offence under the PMLA, 2002.

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