Viewers are curious about Sushil Mantri Net Worth after Enforcement Directorate arrested him for a money laundering case.
Indian-born Sushil Mantri is the chairman and managing director (CMD) of Mantri Developers Pvt. Ltd., a real estate company in India operational in select Indian cities such as Bengaluru, Pune, Hyderabad, and Chennai.
Besides this company, he is vice president of CREDAI, a body for private real estate developers based in India.
His company built Properties for offices, senior living, retail, hotel, commercial, and educational purposes.
According to sources, his company’s projects remain indefinitely delayed due to financial woes in 2021. However, Mantri Developers completed 23 projects covering 10 million square feet of constructed area and has an equal amount of space under various stages of construction. Many customers are left in limbo, waiting for their homes.
Why Was Sushil Mantri Arrested?
According to sources, according to the Central investigation agency, Sushil Mantri, one of south India’s most prominent real estate tycoons, was held in a money laundering case.
The estate tycoon was summoned for investigation under the Prevention of Money Laundering Act and taken into custody as per section 19 of PMLA. ED had begun the probe on March 22 following an FIR against Mantri in 2020 against the company.
Sushil’s company was the recipient of received CII-ITC Sustainability Award 2012 by the President of India, Shri Pranab Mukherjee.
Sushil Mantri, The man who built Mantri Developers inspired by Amitabh Bachhan’s Trishul Source:leaderbiography.com
The news of Matri’s chairman created a buzz in the Indian real estate market after ED tweeted about his arrest on July 25, 2022.
In the tweet, ED wrote about his arrest concerning the ongoing investigation under PMLA, 2002. And Hon’ble Court has granted ED custody of the accused for ten days.
According to sources, 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.
As per the investigation, he diverted the money from the flat buyers in Bengaluru for Mantri’s personal, and he borrowed Rs 5,000 crore from various financial institutes. About Rs 1,000 crore is overdue.
Also read: Who Is Edward Mordaunt? Penny Mordaunt Brother Age Gap And Family Ethnicity
How Much Is Sushil Mantri Net Worth In 2022?
According to sources, Sushil has a net worth of nearly around $10 million as of 2022.
According to The Hindu, The ED released loans from various financial institutions totaling about 5,000 crores, of which 1,000 crores were late and classified as NPA. The company had “cross-collateralized” its assets with various financial institutions to take out many loans against the same support, according to the release, which ED also revealed.
During the investigation, authorities also noticed that the company offered various “Ponzi-like schemes” as buy-back plans, and the company collected advance money for the flats/homes.
Based on an FIR filed against the company, its directors, and numerous other employees in Bengaluru’s Subramanyapura police station in 2020, the ED began its money laundering probe there in March 2022.
Sushil Mantri Salary
The primary source of Sushil’s salary is the real estate business from the real estate companies where he serves as vice president and chairman.
The real estate tycoon inspired by Amitabh Bachchan’s Trishul in the year 1979 helped Sushil to get inspired and work in the real estate sector.
He began his real estate professional career in 1987 when he switched to project construction from sale-purchase of land. Sushil’s father sold his textile business and gave an undivided focus to the new venture.
In 2003, Sushil was awarded the Entrepreneur of the year by ERNST and YOUNG LLP.
Similarly, the businessman was honored with the Lifetime Achievement Award for being an Outstanding Contribution to the Real Estate Sector at the Real Estate Awards in 2012.
Sushil Mantri’s son Pratik and daughter PriyankaSource: stars unfolded
His wife, Snehal Mantri, is the Director of Marketing and HR. Sushil’s son, Pratik Mantri, is a Director at Mantri Developers Pvt Ltd, and his Daughter Priyanka Mantri serves as a Director of Marketing at Mantri Developers Pvt Ltd.
Also read: Frances Tiafoe Wife: Is American Tennis Player Married Ayan Broomfield? Dating History And Net Worth
