Karnataka CID arrests Sushil Mantri in connection with money laundering investigation

Karnataka Crime Investigation Department (CID) arrested Sushil Mantri, the director of Mantri Developers, in connection with a money laundering investigation on Saturday.

He was arrested from Bengaluru by the team, reported Mirror Now.

As per media reports, Mantri has been accused of defrauding homebuyers and will be kept in judicial custody till Monday (September 12).


The Enforcement Directorate had earlier arrested Sushil Mantri in a money-laundering case.

As per the arrest document accessed by ET, the developer was arrested in a money laundering and fund diversion case and has been remanded to ED custody for investigation.

"Mantri Developers was impacted by the 2007 real estate slowdown and later during demonetisation. The builder had struggled to recover from the business losses. He owes around Rs 1000 crore to various financial institutions that have turned into NPA," said one of the sources close to the development.

According to the ED arrest letter, Mantri was summoned for investigation under the Prevention of Money Laundering Act (PMLA) and taken into custody as per Section 19 of the PMLA.