Mantri Developers CMD, son in judicial custody

NT Correspondent

Bengaluru

 Prominent city-based realtor and the Chairman and Managing Director of Mantri Developers, Sushil P Mantri, and his son Pratik Mantri were arrested by the Karnataka CID (Crime Investigation Department) in connection with two money laundering cases filed against them.

 The court has remanded them in judicial custody till September 12 and the CID may question the father and son on Monday. The father and son duo were detained on Friday night by the CID and presented in front of a magistrate on Saturday. The realty firm was under scanner over not delivering flats to buyers even after receiving full payment and cheating them under various other schemes. In some of the cases, advance money was taken and no refund was issued even after indications provided by the Real Estate Regulatory Authority (RERA).

When the news about the arrest broke out, various home buyers reached out to the CID with documents to seek justice. When the matter was investigated by ED (Enforcement Directorate), it was revealed that the money extorted from buyers was being used for the compny’s personal ventures or for other fraudulent purposes, resulting in the stalling of the projects.

About six FIRs were registered in July 2019 for cheating, criminal breach of trust and other IPC sections. According to sources, some of the cases have been rescinded. Sushil Mantri had borrowed a sum of Rs 5,000 crore from various financial institutions and a sum of Rs 1,000 crore is overdue as stated by the ED. They also said that he was unable to provide them with documentation which was required by the investigation agency and will be investigated for withholding facts about the company