Sushil Mantri is now under investigation by the ED as a result of allegations that he defrauded homeowners. The Enforcement Directorate (ED) was recently sent a complaint about a possible instance of money laundering, and the name of Sushil Mantri appeared top of the list.
After being implicated in a scheme to swindle homeowners, Sushil Mantri is now under investigation by the ED.
The purchasers have made a complaint stating that the process of purchasing a property has been significantly delayed, and despite this, they have not yet been provided with the homes. Despite this, the homebuyers have not yet been awarded the homes. However, the ED is now looking into several concerns brought forth not just by homeowners but also by a variety of other parties.
In their complaint to ED, the homebuyers have argued that Mantri Developers is attempting to cover up the infraction via the use of money laundering by not disclosing the appropriate undivided portion. They have even sent documentation to ED to support their claim in this regard.
“Through the use of brochures and deceptive promises, the accused business defrauded clients. Customers made financial investments with the accused company after being seduced by the opulent housing projects. Additionally, it was discovered that the accused business solicited advance payments from clients through buy-back contracts, which were ponzi-like scams. The accused company neglected to reimburse money despite Real Estate Regulatory Authority (RERA) directives to do so “authorities stated. A).
Additionally, the ED officials discovered that the management diverted money intended for personal use and money laundering activities and collected money from clients for the development of residential projects. The Mantri Developers had a total outstanding of Rs 5,000 crore, according to information that the agency’s officials learned from several financial institutions. 1,000 crore of the 5,000 crore are past due to financial institutions, and some of the loans are classified as “non-performing assets” (NPA).
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