ED arrests MD of Mantri Developers for alleged money laundering

Mumbai: Central government probe agency ED has arrested Sushil Mantri, MD of Mantri Developers, for alleged money laundering. Mantri has been produced before a judge and has been remanded to ED custody for further investigation.

ED probe revealed that home buyers’ funds was diverted for Mantri's own personal use and not used in the projects. “He has borrowed Rs 5,000 crore from various financial institutes and about Rs 1,000 crore is overdue. Some of the loan has been termed as NPA,” an ED official said.

ED began its investigation in March after an FIR was filed against Mantri and his company. Some of the directors of the company and also some employees were named in the FIR. The ED probe revealed that the company has taken several loans from banks and NBFCs for the same project. When Mantri was called by the ED to record his statement on 24 June, he did not cooperate and was evasive in his answers. He even did not submit the documents that the ED asked him to submit. 

Several flat buyers have filed complaint with the ED and police alleging Mantri Developers in into money laundering. They have also alleged that the builder and his employees paint a rosy picture of the projects and makes misleading brochure and also gives wrong delivery deadline of the flat. The buyers don’t get even after 8-10 years, alleged the home buyers.

 

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