Sushil Mantri, who was born in India, is the chairman and managing director (CMD) of Mantri Developers Pvt. Ltd., an Indian real estate corporation with operations in Bengaluru, Pune, Hyderabad, and Chennai.
He is also vice president of CREDAI, an India-based organization for private real estate developers. His organization constructed properties for office, senior living, retail, hotel, commercial, and educational use.
Sources indicate that his company’s initiatives remain indefinitely delayed in 2021 due to financial difficulties. In contrast, Mantri Developers has completed 23 projects totaling 10 million square feet of constructed space and has the same quantity of space in various phases of construction. Many clients are in limbo, awaiting the completion of their residences.
Why was Sushil Mantri Arrested?
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According to sources and the Central investigation agency, Sushil Mantri, one of the most prominent real estate magnates in southern India, was arrested for money laundering.
According to section 19 of the Prevention of Money Laundering Act, the real estate magnate was brought into custody for an investigation. The investigation was initiated by the ED on March 22 following the filing of an FIR against Mantri in 2020.
The President of India, Shri Pranab Mukherjee, presented Sushil’s enterprise with the 2012 CII-ITC Sustainability Award.
The detention of Matri’s chairman caused a stir in the Indian real estate market on July 25, 2022, after ED tweeted about it.
ED tweeted about his detention in relation to the ongoing investigation under the PMLA of 2002. And the court has granted ED ten days of custody over the accused.
According to sources, the investigating agency discovered that the money collected from flat purchasers in Bengaluru was diverted for Mantri’s personal use rather than being spent on initiatives.
According to the investigation, he diverted money from condo purchasers in Bengaluru for Mantri’s personal use and borrowed Rs 5,000 crore from numerous financial institutions. Approximately Rs 1 billion is delinquent.
What is Sushil Mantri’s estimated Net Worth?
According to sources, Sushil’s net worth in 2022 is approximately $10 million.
According to The Hindu, the ED released approximately 5,000 crores in loans from various financial institutions, of which 1,000 crores were delinquent and classified as NPA. ED also disclosed that the company had “cross-collateralized” its assets with multiple financial institutions in order to obtain multiple loans against the same collateral.
During the investigation, authorities discovered that the company offered a variety of “Ponzi-like schemes” as buy-back plans and collected advance payments for the apartments/houses.
Based on an FIR filed against the company, its directors, and numerous other employees at the Subramanyapura police station in Bengaluru in 2020, the ED began its investigation into money laundering there in March 2022.
Salary of Sushil Mantri
Sushil’s remuneration is primarily derived from the real estate businesses of the real estate companies where he functions as vice president and chairman.
The 1979 real estate magnate who was inspired by Amitabh Bachchan’s Trishul inspired Sushil to enter the real estate industry.
In 1987, he initiated his real estate career when he converted from sale-purchase of land to project construction. The father of Sushil sold his textile business and devoted his full attention to the new venture.
ERNST and YOUNG LLP presented Sushil with the Entrepreneur of the Year award in 2003.
Similarly, the industrialist was awarded the Lifetime Achievement Award at the 2012 Real Estate Awards for his outstanding contribution to the real estate industry.
Snehal Mantri, his wife, is the Director of Marketing and Human Resources. Pratik Mantri, the son of Sushil, is a Director at Mantri Developers Pvt Ltd, and Priyanka Mantri, his daughter, is a Director of Marketing at the same company.
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