As a part of its money laundering investigation, the Enforcement Directorate (ED) has attached ₹300 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 company’s director, Sushil P Mantri. After multiple FIRs were filed by homebuyers claiming that the company had “cheated” them, the ED has now uncovered and attached assets worth ₹300 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 “criminal misappropriation.” Over ₹300 crores were diverted out of funds thereby committing a money laundering offence under the PMLA, 2002.