Bengaluru builder Sushil Mantri held in money laundering case


Bengaluru The Enforcement Directorate (ED), a central investigation agency, on Saturday said that it arrested Sushil P Mantri, a Bengaluru-based real estate developer, in connection with a case of money laundering.

“ED has arrested Sushil P Mantri, Director of Bangalore-based real estate entity Mantri Developers Private Limited, in connection with the ongoing investigation under PMLA, 2002. Hon’ble Court has granted ED custody of the accused for 10 days,” the ED said in a post from its official twitter handle.

Sushil Mantri is the Chairman and Managing Director of Mantri Developers Private Limited, one of India’s fastest growing property development companies headquartered at Bengaluru.

Mantri Developers has a portfolio of assets comprising world class residential projects, IT Parks, Shopping Centres, Office buildings and Educational Institutions.

Mantri is an alumnus of the prestigious Harvard Business School and has served in a top role at CREDAI (Confederation of Real Estate Developers’ Associations of India).

“Thank you sir. Looking for justice to thousands of home buyers who got cheated by Mantri. He is not only delaying projects for decades but also not giving home buyers our rights on title land. In Mantri Serenity, he is declaring 4-5% of SBU as land share where as HBs get 31%,” the Karnataka Home Buyers Forum, a group of all home buyers in the state, responded to the ED post on twitter.

The ED had served a notice to Mantri on June 1.

“Every proceeding under sub-section (2) and subsection (3) of section 50 of the Prevention of Money Laundering Act, 2002 shall be deemed to be judicial proceeding within the meaning of section 193 and section 228 of the Indian Penal Code 1860 (45 of 1860),” it had stated in its notice.

“Without prejudice to the provisions of any other law for the first time being in force, if you fail to give evidences as mentioned in the Scheduled, you shall be liable to penal proceedings under the Prevention of Money Laundering Act, 2002 (15 of 2003),” it added.



Source link

Leave a Reply

Your email address will not be published.