India’s Enforcement Directorate (ED) has attached immovable assets worth ₹3 billion ($38m) in a money laundering case against the Mantri Group for cheating people who purchased homes under the group’s ‘Mantri Serenity’, ‘Mantri Web City’ and ‘MantriEnergia’ residential projects.
Castles Vista Private Limited and Buoyant Technology Constellations Private Limited (both subsidiaries of Mantri Developers Private Limited, or MDPL) misled several home buyers with false brochures, incorrect delivery timelines, and other forms of window dressing. However, even after 7-10 years of taking deposits from the prospective home buyers, the companies have failed to deliver the apartments the victims had purchased.
The ED initiated its investigation under the provisions of India’s AML/CFT law after several fraud and cheating reports were filed with the police. In June 2022, the ED arrested the founder and promoter director of MDPL. Upon further investigation, the ED found that MDPL and its subsidiaries had diverted the victims’ money to other projects. The entities thus committed money laundering by criminal misappropriation of ₹3 billion ($38m) out of the funds collected from prospective home buyers.
Source: Enforcement Directorate, India
