CMD of Mantri Group gets ED summons

BENGALURU: The Enforcement Directorate (ED) in Bengaluru has summoned the Chairman and Managing Director of Mantri Developers Pvt Ltd for an inquiry into allegations of irregularities, ED officials said.They have asked Sushil Pandurang Mantri, CMD of Mantri Developers -- the biggest realtor in South India, to appear before it personally on June 26.

The agency said it is looking into irregularities caused to various individuals and corporates. “The omissions and commissions caused by promoters of the group that have led to money laundering, will be looked into,” ED authorities told The New Indian Express.The copy of the summons — PMLA/Summon/BGZO/2022/532 -- available with TNIE.

“I consider the attendance of Sushil Pandurang Mantri, founder and promoter Director of Mantri Developers Pvt Ltd necessary in connection with the said investigation.
Therefore, in exercise of the powers conferred upon me under sub section 2 and sub section 3 of Section 50of the Money Laundering Act, I require Sushil Pandurang Mantri to appear before me at my office on June 26, 2022,” stated the letter by the investigating officer to Mantri group.

The letter stated that all proceedings under sub-section 2 and sub-section 3 of Section 50 of PMLA shall be deemed to be judicial proceedings within the meaning of Section 198 and Section 228 of the Indian Penal Code.Failing to appear before ED and give evidence will be liable to penal proceedings as per PMLA.