Mantri Developers promoter arrested by ED in PMLA case, in 10-day custody of agency

BENGALURU: The founder and promoter-director of Mantri Developers Pvt Ltd, Sushil Panduranga Mantri, has been arrested by the Enforcement Directorate under the Prevention of Money Laundering Act (PMLA).

On Friday, the ED had summoned Sushil Mantri for questioning regarding alleged illegalities in personal as well as company finances.

Earlier, a home buyer had lodged a complaint against Sushil Mantri at the Subramanyanagar police station. There were complaints from other individuals too who had not been allotted flats in Mantri properties.

Last year, the Income Tax Department had raided the real estate firm, the biggest in South India, and Sushil Mantri had failed to produce proper documents.

The ED, which went through the documents seized during the IT raid, found that most transactions were done in cash. There were doubts that some of the transactions may have been done through hawala route.

Sushil Mantri was produced before a court and remanded to ED custody for 10 days.