Karnataka CID arrests Mantri Developers CMD Sushil Mantri in money laundering case

Karnataka Crime Investigation Department (CID) on September 10 arrested Sushil Mantri, the director of Mantri Developers, in a money laundering investigation.

Sources in the department told Moneycontrol that Mantri has been ordered to judicial detention until September 12 after being charged with defrauding homebuyers.

ALSO READ: MC Explains: ED arrest of Mantri Developers CMD has homebuyers in Bengaluru on edge

Previously in August, The Enforcement Directorate (ED) had issued a Provisional Attachment Order under the provisions of the Prevention of Money Laundering Act, 2002 attaching immovable assets worth Rs 300.4 crore against Mantri Group for cheating home buyers of Mantri Serenity, Mantri Web City, and Mantri Energia residential projects.

A list of questions has been sent to Mantri Developers and Moneycontrol will update the story after receiving the response.

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Souptik Datta

Sub Editor|Moneycontrol

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Dhananjaya Padmanabhachar, Principal Secretary, Mantri Serenity Home Buyers Forum Bengaluru said, "Mantri Developers are not delivering flats to home buyers for almost a decade even after paying 90-100 percent of the amount for the flat. For few home buyers, even after registration, they are not giving flat keys and making to run behind CRM from last 3 months."

He added that another important aspect to note is that as per the Department of Stamps and Duty, flat registration should include Undivided Share of Interest (UDS) in the project title. "However, Mantri Developers has not been registering UDS in Sale Deed by taking away the rights of homebuyers on project land," he said.