The Enforcement Directorate (ED) said on Friday it had provisionally attached assets worth Rs 300 crore of the Mantri Group, a real estate company that allegedly cheated homebuyers in Bengaluru.
The ED said that a “provisional attachment order” under the Prevention of Money Laundering Act 2002 had been issued for attaching immovable assets worth Rs 300.4 crore in a case filed against the Mantri Group for allegedly cheating buyers at the company’s residential projects of Mantri Serenity, Mantri Web City and Mantri Energia.
“M/s Castles Vista Private Limited (subsidiary of Mantri Developers Private Limited) and M/s Buoyant Technology Constellations Pvt. Ltd. (subsidiary of Mantri Developers Private Limited) induced homebuyers 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 ten years of taking deposits from prospective homebuyers,” the ED said in an official note.
The ED is investigating the case on the basis of an FIR registered against the Mantri Group at the Subramanyapura police station in Bengaluru. Cases have also been filed against the company’s subsidiaries, directors and promoters for allegedly inducing homebuyers with false promises.
The ED had arrested Sushil P Mantri, founder, promoter and director of Mantri Developers, in the case. It alleged that the money given in good faith by homebuyers had been illegally diverted by Mantri Developers and its subsidiaries, “resulting in criminal misappropriation and diversion of Rs 300.4 crore for wrongful purposes.”
source : indianexpress