ED conducts raids on Mantri Developers offices, founder’s residence in Bengaluru
Officials conducted raids at the company’s office as well as the residence of its founder Sunil Mantri as part of an ongoing investigation into suspected financial irregularities and illegal fund transfers.
Bengaluru: The Enforcement Directorate (ED) on Monday carried out searches at multiple locations linked to real estate firm Mantri Developers in connection with an alleged money laundering case.
Officials conducted raids at the company’s office as well as the residence of its founder Sunil Mantri as part of an ongoing investigation into suspected financial irregularities and illegal fund transfers.
According to sources, more than ten ED officials from the agency’s Delhi unit arrived in the city early in the morning and launched coordinated searches at the firm’s headquarters located on Vittal Mallya Road and other associated premises.
The team reportedly arrived in multiple vehicles and began examining financial documents, electronic records and other materials linked to the company’s business transactions. Officials said the searches were carried out under provisions of the Prevention of Money Laundering Act (PMLA), which allows investigators to probe suspected laundering of illicit funds and financial misappropriation.
Investigators are currently scrutinising several financial records of the company to determine whether funds collected from customers were diverted or transferred illegally. Founded in 1999, Mantri Developers is one of the well-known real estate firms operating in Bengaluru and other major cities including Chennai, Hyderabad and Pune. The company has undertaken multiple residential, commercial and retail projects over the years.
Officials said the agency is particularly examining allegations that funds collected from customers for housing projects were diverted for investments abroad.
This is not the first time the agency has taken action against the firm. In 2022, the Enforcement Directorate had conducted similar searches as part of a financial probe linked to the company. Later in 2023, authorities attached properties worth nearly ₹300 crore belonging to the firm in connection with the case.
Sources said investigators are currently analysing whether there were violations in financial transactions and whether customer funds were misused. Documents seized during Monday’s raids are expected to provide further clarity on the company’s financial dealings and possible violations.
The ED has not yet issued an official statement on the outcome of the searches, and the investigation is continuing.
