ED attaches Bengaluru-based Mantri Developers' assets worth ₹300 crore

According to a report by PTI, the provisional order to attach properties was issued under the Prevention of Money Laundering Act (PMLA), 2002, for allegedly "cheating" home buyers of 'Mantri Serenity', 'Mantri Web City' and 'MantriEnergia' residential projects – the real estate projects of Mantri Developers.

The Enforcement Directorate on Friday attached immovable assets worth over ₹300 crore belonging to a Bengaluru-based real estate group Mantri Developers Private Limited that allegedly duped several home buyers.

In June, the ED arrested the company's main promoter and director Sushil P Mantri. (HT File photo)

According to a report by PTI, the provisional order to attach properties was issued under the Prevention of Money Laundering Act (PMLA), 2002, for allegedly "cheating" home buyers of 'Mantri Serenity', 'Mantri Web City' and 'MantriEnergia' residential projects – the real estate projects of Mantri Developers.

In June, the ED arrested the company's main promoter and director Sushil P Mantri.

The Castles Vista Private Limited and Buoyant Technology Constellations Private Limited – subsidiaries of Mantri Developers – "induced home buyers with rosily painted schemes, showing misleading brochures, falsification of delivery timelines and window dressing, but the flats have not been delivered even after seven to 10 years of taking deposits from prospective home buyers," the ED said in a statement.

The home buyers' money, which was given to the developers in good faith, has been "diverted" for purposes other than construction of projects, resulting in "criminal misappropriation" and diversion of ₹300.4 crore out of the funds collected for wrongful purposes, the anti-money laundering agency further said.

(With agency inputs)