<p>The ED has attached immovable assets worth around Rs 300.4 crore belonging to Mantri Group by issuing a provisional attachment order under the provisions of the Prevention of Money Laundering Act. </p>.<p>The ED had taken up a money laundering case against Mantri Group for cheating home buyers of 'Mantri Serenity', 'Mantri Web City' and 'MantriEnergia' residential projects.</p>.<p>M/s Castles Vista Private Limited and M/s Buoyant Technology Constellations Pvt. Ltd (subsidiaries of Mantri Developers Private Limited) induced the 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.</p>.<p>The investigation was initiated on the basis of an FIR registered by Subramanyapura Police Station, Bengaluru. Multiple FIRs have also been registered by the home buyers against M/s Mantri Developers Private Limited, its subsidiaries, directors, and promoters for cheating the public by inducing the home buyers with false promises at Cubbon Park Police Station, Bengaluru.</p>.<p>ED arrested Sushil P Mantri, founder and promoter director of Mantri Developers Pvt. Ltd. The Bengaluru-based real estate firm in connection with the ongoing investigation on June 24. Further investigation revealed that M/s Mantri Developers Private Limited and its subsidiaries diverted home buyers’ money to other projects which is a criminal breach of trust.</p>.<p>The ED officials also stated that homebuyers’ money, which was given to the developers in good faith, has been diverted for purposes other than the construction of projects resulting in criminal misappropriation diversion of Rs 300.4 crore out of the funds collected from homebuyers for wrongful purposes. Accordingly, immovable assets worth Rs 300.4 crore in 'Mantri Serenity' and 'MantriEnergia' residential projects have been attached. Further investigation is on.</p>
<p>The ED has attached immovable assets worth around Rs 300.4 crore belonging to Mantri Group by issuing a provisional attachment order under the provisions of the Prevention of Money Laundering Act. </p>.<p>The ED had taken up a money laundering case against Mantri Group for cheating home buyers of 'Mantri Serenity', 'Mantri Web City' and 'MantriEnergia' residential projects.</p>.<p>M/s Castles Vista Private Limited and M/s Buoyant Technology Constellations Pvt. Ltd (subsidiaries of Mantri Developers Private Limited) induced the 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.</p>.<p>The investigation was initiated on the basis of an FIR registered by Subramanyapura Police Station, Bengaluru. Multiple FIRs have also been registered by the home buyers against M/s Mantri Developers Private Limited, its subsidiaries, directors, and promoters for cheating the public by inducing the home buyers with false promises at Cubbon Park Police Station, Bengaluru.</p>.<p>ED arrested Sushil P Mantri, founder and promoter director of Mantri Developers Pvt. Ltd. The Bengaluru-based real estate firm in connection with the ongoing investigation on June 24. Further investigation revealed that M/s Mantri Developers Private Limited and its subsidiaries diverted home buyers’ money to other projects which is a criminal breach of trust.</p>.<p>The ED officials also stated that homebuyers’ money, which was given to the developers in good faith, has been diverted for purposes other than the construction of projects resulting in criminal misappropriation diversion of Rs 300.4 crore out of the funds collected from homebuyers for wrongful purposes. Accordingly, immovable assets worth Rs 300.4 crore in 'Mantri Serenity' and 'MantriEnergia' residential projects have been attached. Further investigation is on.</p>
