Bengaluru, Mar 16, 2026
The Enforcement Directorate (ED), on Monday, conducted searches at the offices of Mantri Developers, a prominent Bengaluru-based real estate firm, and at the residences of its founder and Chairman Sushil Mantri in connection with alleged money laundering allegations.
According to ED officials, more than 10 officials from the agency’s Delhi headquarters arrived in the city in six vehicles early in the morning and began inspecting documents at the company’s office located on Vittal Mallya Road, as well as at other related premises.
There have also been allegations that funds collected from customers for apartment projects were diverted and invested abroad.
In connection with these allegations, the ED has once again carried out searches and is examining the documents as part of its ongoing investigation.
The searches are being carried out under the provisions of the Prevention of Money Laundering Act (PMLA).
Officials are scrutinising financial records and have seized several documents related to financial transactions for further examination.
It can be noted that founded in 1999, Mantri Developers has its headquarters in Bengaluru and operates in several cities, including Chennai, Hyderabad and Pune.
The company has undertaken multiple projects in residential, commercial, retail and other real estate sectors.
The ED had earlier conducted searches in connection with the same financial case in 2022.
In 2023, the central agency had attached properties worth around Rs 300 crore as part of its investigation.
It can be noted that the Mantri Developers is embroiled in major controversies centred on massive project delays, diversion of funds and legal action, with numerous homebuyers waiting for apartments since 2016.
Founder Sushil Mantri was arrested by the ED and the Criminal Investigation Department (CID) over allegations of money laundering and cheating, with the ED attaching assets worth more than Rs 300 crore.
Key projects like Mantri Webcity, Mantri Serenity, and Mantri Energia were delayed for years.
Homebuyers reported that money was collected, but construction halted, while funds were allegedly diverted for personal use or other projects.
Sushil Mantri was arrested in 2022 and 2024 for money laundering and cheating.
The Karnataka Real Estate Regulatory Authority (KRERA) has ordered refunds to buyers for excessive delays, including a recent directive to refund Rs 2.5 crore in 2025.
The official statement is yet to be given by the ED and the Mantri Developers regarding the development.(Agency)
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