The Enforcement Directorate (ED) on Monday carried out raids at multiple locations linked to Mantri Developers, a well-known real estate firm based in Bengaluru, as part of an ongoing investigation into alleged money laundering activities.
Officials conducted searches at the company’s corporate office located on Vittal Mallya Road, as well as at the residence of the company’s founder Sunil Mantri. The raids were reportedly carried out under the provisions of the Prevention of Money Laundering Act (PMLA).
Officials Arrive from Delhi
According to sources, more than 10 ED officials arrived from New Delhi early in the morning and reached the locations in around six vehicles. The team began searching the premises and examining documents related to the company’s financial transactions.
Investigators are currently scrutinizing records and digital data to trace alleged irregularities in financial dealings and possible illegal transfer of funds.
About Mantri Developers
Founded in 1999, Mantri Developers is one of the prominent real estate companies in southern India. The company operates from its headquarters in Bengaluru and has undertaken several residential, commercial, and retail projects across major cities such as Chennai, Hyderabad, and Pune.
Over the years, the firm has developed multiple large-scale housing and commercial projects and has been a recognizable name in the Indian real estate sector.
Earlier ED Action in the Case
This is not the first time the ED has taken action against the company. In 2022, the agency conducted similar searches as part of its probe into alleged financial irregularities linked to the firm.
Later in 2023, the ED reportedly attached properties worth around ₹300 crore belonging to the company in connection with the investigation. Authorities had alleged that funds collected from customers for apartment projects were diverted and invested abroad instead of being used for the intended construction activities.
Investigation Continues
The current raids are believed to be part of the agency’s ongoing efforts to gather additional evidence in the case. Officials are examining financial documents, property records, and bank transaction details to determine whether the company violated provisions under the anti-money laundering law.
As of now, the ED has not released an official statement regarding the outcome of the searches. The investigation remains underway, and further action may be taken depending on the findings from the seized documents and evidence.
