New Delhi, Aug 12 (IANS): The Enforcement Directorate (ED) on Friday said that they attached immovable assets worth Rs 300.4 crore in a money laundering case against Mantri Group for cheating home buyers of Mantri Serenity, Mantri Web City, and MantriEnergia residential projects.

The ED said that Castles Vista Pvt Ltd (a subsidiary of Mantri Developers Pvt Ltd) and Buoyant Technology Constellations Pvt Ltd (another subsidiary) induced home buyers with rosily painted schemes, showing misleading brochures, falsification of delivery time lines, and window dressing. But the flats were not delivered even after seven to ten years of taking deposits from prospective home buyers.

The ED lodged a PMLA case in this respect on the basis of the FIR registered by the Subramanyapura Police Station in Bengaluru.

Multiple FIRs have also been registered by the home buyers against Mantri Developers, its subsidiaries, directors, and promoters for cheating the public by inducing the home buyers with false promises at Cubbon Park Police Station in the city.

The ED had arrested Mantri Developers' Founder and Promoter Director Sushil P. Mantri and learned that the firm and its subsidiaries diverted home buyers' money to other projects which was a criminal breach of trust.

"The home buyers' money which was given to the developers in good faith had been diverted for purposes other than construction of projects resulting in criminal misappropriation diversion of Rs 300.4 crore out of the funds collected from home buyers for wrongful purpose. Thus they committed the offence of money laundering punishable under section 3 of PMLA. Accordingly, immovable assets worth Rs 300.4 crore in Mantri Serenity and Mantri Energia residential projects have been attached under PMLA," said the ED official.