Real Estate

Real Estate Transactions

ED arrests Sushil Mantri for alleged money laundering

The Hindu  

The Directorate of Enforcement (ED) arrested Sushil P. Mantri, director of the Mantri Developers Pvt. Ltd., under the Prevention of Money Laundering Act (PMLA), 2002. The ED initiated the money laundering investigation in March 2022 on the basis of an FIR registered in Subramanyapura police station, Bengaluru in 2020 against the company and its directors and many other employees. Many home buyers had filed complaints alleging that the accused entities/persons are involved in money laundering and have induced prospective buyers with rosily painted schemes, showing misleading brochures, falsification of delivery time lines and window dressing, and collected more than INR 1,000 crore as advance money from thousands of buyers. However, they had not been given possession of their flats even after passing of seven to 10 years, they alleged.