Bengaluru-based Mantri Developers has illegally collected crores of rupees from innocent buyers over the last 10 years. Buyers and investors were lured to purchase properties with attractive schemes and the amount collected was diverted to other projects as well as used for personal needs. As a result, the company has miserably failed to deliver flats to buyers as per schedule.
As years passed, the construction was not completed and the buyers who purchased properties in these projects, were forced to take to the streets. They held demonstrations and also registered cases in the police stations. Eventually, the Enforcement Directorate stepped into the field and arrested Sushil Mantri, the founder and promoter of the Mantri Group on June 24, 2022. In this connection, the ED on Friday seized assets worth Rs 300.4 crore belonging to the Mantri group.
Mantri Developers launched three projects in Bengaluru namely Mantri Serenity, Mantri Webcity and Mantri Energia for which they collected crores of rupees from buyers under the guise of various schemes. For this purpose, Castles Vista Pvt Ltd and Buoyant Technology Constellations Pvt Ltd were formed as subsidiary companies and crores of rupees were collected from the buyers. Buyers were tricked with fraudulent schemes and brochures that provided false information. However, the company failed to deliver the flats even seven to ten years after collecting deposits from them.
This website uses cookies.