ED raids three locations linked to Aryan Hometec in ₹90-crore fraud case
The agency conducted searches targeting directors Bharath Reddy and Rashmi Bharath Reddy regarding alleged money laundering and diversion of funds.
The Enforcement Directorate (ED) conducted searches at three sites connected to Aryan Hometec Private Limited in Bengaluru on Wednesday. According to The Hindu, the operation relates to an alleged ₹90-crore fraud and money laundering investigation.
The agency targeted the company's directors, Bharath Reddy and Rashmi Bharath Reddy. Investigators stated they seized valuable records and incriminating documents during the searches.
The investigation follows several FIRs filed by police after complaints from financial institutions, homebuyers, and a landowner. The ED claimed that while local police had previously filed 'C' reports in some cases because the accused were untraceable, investigators located them before the raids.
The ED alleged that the company entered a Joint Development Agreement with landowner B.G. Anjinappa for the Aryan Fountain Square and Aryan Golden Arena projects. The agency claimed the directors cheated Anjinappa by failing to deliver his allocated apartments and making him a guarantor for company loans.
The agency further alleged that the directors diverted approximately ₹90 crore, collected from investors and homebuyers for construction, to family members and family-owned entities. Further investigation is currently underway.