Mantri Developers CMD Sushil Mantri arrested by ED in money-laundering case

Sushil Pandurang, managing director of the Ministerial Group, has been arrested by the Enforcement Directorate.

Sources in the ED said that the south India's biggest real estate tycoon was held in a money laundering case. He has been produced before the judge who has remanded him to the ED custody for investigation.

IT officials attacked Minister Group last year for the same reason. Enforcement Directorate officials yesterday issued notice to attend the PML Act ft hearing. The summons was issued for proceedings under sub-section 50 (2) (3).

Officials of the Enforcement Directorate today ordered Pandurang to appear in court and the court granted him 10 days' custody.

The investigating agency found that the money collected from the flat buyers in Bengaluru was diverted for Mantri's personal use instead of spending it on projects. “He has borrowed Rs 5,000 crore from various financial institutes and about Rs 1,000 crore is overdue. Some of the loan has been termed as NPA,” the ED authorities said.