Bengaluru (Karnataka) [India], March 16 (ANI): The Enforcement Directorate (ED) on Monday carried out search operations at the residential and office premises of real estate firm Mantri Developers Private Limited and its directors in Bengaluru in connection with a money laundering investigation, officials said.
The searches are being conducted under the provisions of Section 17 of the Prevention of Money Laundering Act (PMLA). The operation was launched at around 8 am by a team from the ED’s Delhi office as part of an ongoing probe into suspected financial irregularities linked to the company.
As per the officials, ED’s multiple teams simultaneously searched various residential and office locations associated with the real estate firm and its directors to gather evidence related to the alleged money laundering activities.
During the searches, investigators are examining financial records, digital devices and other documents that could help trace the flow of funds and establish possible violations of the law.
Officials indicated that the action is part of the agency’s broader effort to track and investigate suspected laundering of illicit funds through corporate entities.
Earlier on Friday, the ED said it has frozen 90 bank accounts and incriminating material in the form of digital as well as documentary evidence during searches carried out on March 12 at 19 premises across Chandigarh, Haryana, Punjab and Bengaluru.
The action was part of the raids conducted in Chandigarh, Punjab’s Mohali, Haryana’s Panchkula and Gurgaon, and Karnataka capital Bengaluru in connection with the IDFC First Bank Scam involving embezzlement of public funds amounting to Rs 597 crore pertaining to the Haryana government, Chandigarh Municipal Corporation and other government accounts.
ED said, “The amount of Rs 597 crore was to be kept as a fixed deposit with the bank; however, the accused persons diverted these government funds without authorisation.”
The search operations covered former bank employees, namely Ribhav Rishi and Abhay Kumar, their family members, beneficiary shell entities, namely Swastik Desh Projects, Capco Fintech Services and Maa Vaibhav Laxmi Interiors, SRR Planning Gurus Private Limited, jewellers, namely Sawan Jewellers and real estate developers like Vikram Wadhwa and his business entities.
ED initiated an investigation under PMLA, 2002, based on an FIR registered by the State Vigilance and Anti-Corruption Bureau, Panchkula, in February 2026, in relation to a mismatch of balances in the bank account of the Development and Panchayat Department, Haryana, held with IDFC Bank and AU Small Finance Bank. (ANI)