ED conducts raids on Mantri Developers over alleged money laundering

Bengaluru: Officials of the Enforcement Directorate on Monday conducted searches at properties linked to real estate firm Mantri Developers Private Limited in connection with an alleged money laundering case.

More than 10 officials from the agency’s New Delhi unit carried out raids at the company’s office on Vittal Mallya Road and at the residence of company director Sushil Mantri located on Infantry Road.

Searches were also conducted at other related locations. During the operation, officials seized several important documents.

Authorities said the action is part of an ongoing investigation into alleged illegal money transfers. The agency had earlier conducted searches related to the same case in 2022.

In 2023, properties belonging to the company worth about ₹300 crore were attached in connection with the investigation.

According to officials, the case involves allegations that money collected from customers for purchasing apartments was diverted for other purposes.

The funds are suspected to have been invested abroad instead of being used for housing projects.

Mantri Developers Private Limited was established about 26 years ago and has its headquarters in Bengaluru. The company operates projects in cities including Chennai, Hyderabad and Pune.

The firm has undertaken several residential, commercial and retail projects. The Enforcement Directorate is investigating allegations that funds collected from customers for housing and other projects were diverted through illegal financial transactions.