Mantri Developers booked for cheating

The firm failed to complete project on time, says complainant

July 29, 2019 01:18 am | Updated 01:19 am IST - Bengaluru

A city-based businessman is among three investors who have filed complaints against Mantri Developers Pvt. Ltd. for allegedly cheating them of ₹1 crore each by promising flats that would be delivered in 2016.

The victims made a down payment of ₹25 lakh, took ₹75 lakh as loan and even paid EMIs for two years. However, neither was the flat given to them nor was the money returned, said Satyan R. Chawla, one of the complainants.

The firm had promised them residential flats at Mantri Web City apartment complex on Hennur main road. Hundreds of customers made down payments and took loans for the rest of the money through a financial firm in 2014, the complainants said.

As per the contract, the customers had to pay EMI for two years, by when they were supposed to get possession of the house. But the project was delayed owing to a financial crisis. As per the agreement, the firm had to pay the EMI after two years till the completion of the project if they failed to give possession to customers.

But the company not only failed to complete the project but also defaulted on payment of the EMI, Mr. Chawla said. He alleged that the company even failed to comply with RERA orders and did not return money to the customers, and hence he filed a complaint of on Saturday. The company offered several schemes and duped many investors, and it should be dealt with legally, Mr. Chawla said.

A case has been booked against the company for criminal breach of trust and cheating. A probe by the police reve aled that a financial criss led to the slowdown of the project.

Mantri representatives were not available for comments.

Top News Today

Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.