ED attaches Rs 300 cr assets of Bengaluru-based Mantri Developers

New Delhi: ED on Friday said it has attached immovable assets worth over Rs 300 crore as part of its ongoing money laundering probe against Bengaluru-based real estate group Mantri Developers Private Limited which is alleged to have duped numerous home buyers.

The federal agency said a provisional order for attachment has been issued under the Prevention of Money Laundering Act (PMLA), 2002, against the company for "cheating" home buyers of 'Mantri Serenity', 'Mantri Web City' and 'MantriEnergia' residential projects.

ED initiated action in this case after it arrested the company's main promoter and director Sushil P Mantri in June.

It said Castles Vista Private Limited and Buoyant Technology Constellations Private Limited (subsidiaries of Mantri Developers) "induced home buyers 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 10 years of taking deposits from prospective home

buyers."