Bengaluru, Mar 16 (NationPress) The Enforcement Directorate (ED) executed search operations on Monday at the offices of Mantri Developers, a leading real estate company in Bengaluru, and at the residence of its founder and Chairman, Sushil Mantri, amid ongoing investigations into alleged money laundering activities.

ED officials revealed that over ten agents from the agency's headquarters in Delhi arrived in six vehicles early in the morning. They commenced an extensive review of documents at the company's office situated on Vittal Mallya Road, along with other associated locations.

There are claims that the funds raised from customers for various apartment projects were misappropriated and invested overseas.

In line with these accusations, the ED has resumed its search efforts and is meticulously examining the documentation as part of its continuous investigation.

The operations are being conducted under the Prevention of Money Laundering Act (PMLA).

Officials are analyzing financial records and have confiscated numerous documents related to financial dealings for further scrutiny.

Founded in 1999, Mantri Developers is headquartered in Bengaluru and has expanded its operations to other cities like Chennai, Hyderabad, and Pune.

The firm has engaged in various projects across residential, commercial, retail, and other real estate sectors.

This is not the first instance of the ED conducting searches related to this financial matter; similar actions were taken in 2022.

In 2023, the agency had frozen assets valued at approximately Rs 300 crore as part of its inquiries.

It is crucial to note that Mantri Developers has faced significant scrutiny due to extensive project delays, fund misallocation, and ongoing legal battles, leaving many homebuyers waiting for their apartments since 2016.

Sushil Mantri has faced arrest by the ED and the Criminal Investigation Department (CID) over accusations of money laundering and fraud, with the ED attaching assets exceeding Rs 300 crore.

Major projects such as Mantri Webcity, Mantri Serenity, and Mantri Energia have experienced substantial delays.

Homebuyers indicated that although funds were collected, construction has been stalled, with some funds reportedly redirected for personal use or other ventures.

Sushil Mantri was arrested previously in 2022 and again in 2024 concerning the charges of money laundering and fraud.

The Karnataka Real Estate Regulatory Authority (KRERA) has mandated refunds to buyers due to excessive delays, including a recent order to refund Rs 2.5 crore in 2025.

An official statement from the ED or Mantri Developers regarding these developments is still awaited.