By Express press service

BENGALURU: The Enforcement Directorate (ED) has issued a Provisional Seizure Order (PAO) under the provisions of the Prevention of Money Laundering Act 2002, seizing immovable property worth 300, Rs 4 crore in a money laundering case against Mantri Group for “cheating home buyers of Mantri Serenity, Mantri Web City and Mantri Energia residential projects,” the ED said in an official statement on Friday.

According to the polling agency, “Castles Vista Private Limited (subsidiary of Mantri Developers Pvt Ltd) and Buoyant Technology Constellations Pvt Ltd (subsidiary of Mantri Developers Pvt Ltd) enticed homebuyers with painted-in-pink schemes, showing brochures misleading, falsifying delivery times and window dressing. But the apartments have not been delivered even after seven to 10 years of depositing deposits with potential buyers,” the ED said.

“The investigation under the PMLA was initiated on the basis of an FIR registered by Subramanyapura Police Station, Bengaluru under various sections of the Indian Penal Code (IPC) of the ICC. Several FIRs have also been registered by homebuyers against Mantri Developers Pvt Ltd, its subsidiaries, directors and developers for misleading the public by enticing homebuyers with false promises, at Cubbon Park Police Station,” added the central agency.

The ED had arrested Founder and Promoter, Director of Mantri Developers Pvt Ltd Bengaluru, Sushil P Mantri on June 24 this year as part of the ongoing investigation under PMLA. “Further investigation revealed that Mantri Developers Pvt Ltd and its subsidiaries had diverted homebuyers’ money to other projects, which constitutes a criminal breach of trust.

The money was given to the bona fide developers and was diverted for purposes other than building projects resulting in criminal misappropriation of Rs 300.4 crore thereby committing the offense of money laundering under the section 3 of the PMLA. As a result, properties worth Rs 300.4 crore in the Mantri Serenity and dMantri Energia residential projects have been seized under the law,” the polling agency added.

BENGALURU: The Enforcement Directorate (ED) has issued a Provisional Seizure Order (PAO) under the provisions of the Prevention of Money Laundering Act 2002, seizing immovable property worth 300, Rs 4 crore in a money laundering case against Mantri Group for “cheating home buyers of Mantri Serenity, Mantri Web City and Mantri Energia residential projects,” the ED said in an official statement on Friday. the polling agency, “Castles Vista Private Limited (subsidiary of Mantri Developers Pvt Ltd) and Buoyant Technology Constellations Pvt Ltd (subsidiary of Mantri Developers Pvt Ltd) enticed homebuyers with blueprints painted in pink, showing misleading brochures , falsification of delivery times and window dressing. But the apartments were not delivered even after seven to 10 years of depositing deposits with potential buyers,” the ED said. “The investigation under the PMLA was initiated on the basis of an FIR registered by Subramanyapura Police Station, Bengaluru under various sections of the Indian Penal Code (IPC) of the ICC. Several FIRs have also been registered by homebuyers against Mantri Developers Pvt Ltd, its subsidiaries, directors and developers for misleading the public by enticing homebuyers with false promises, at Cubbon Park Police Station,” added the central agency. The ED had arrested the founder. and Developer, Director of Mantri Developers Pvt Ltd Bengaluru, Sushil P Mantri on June 24 this year in connection with the ongoing investigation under the PMLA. “Further investigation revealed that Mantri Developers Pvt Ltd and its subsidiaries had diverted homebuyers’ money to other projects, which constitutes a criminal breach of trust. The money was given to the bona fide developers and was diverted for purposes other than building projects resulting in criminal misappropriation of Rs 300.4 crore thereby committing the offense of money laundering under the section 3 of the PMLA. As a result, properties worth Rs 300.4 crore in the Mantri Serenity and dMantri Energia residential projects have been seized under the law,” the polling agency added.