ED searches locations linked to Aryan Hometec in ₹90 crore fraud case
The agency conducted operations at three sites targeting directors Bharath Reddy and Rashmi Bharath Reddy regarding alleged money laundering.
The Enforcement Directorate (ED) conducted searches at three locations connected to Aryan Hometec Private Limited on Wednesday, according to The Hindu. The agency investigated an alleged ₹90 crore fraud and money laundering case involving company directors Bharath Reddy and Rashmi Bharath Reddy.
The investigation began following several FIRs filed by the police after complaints from financial institutions, homebuyers, and a landowner. While the local police had previously submitted 'C' reports in some cases because the accused could not be located, the ED stated its investigators identified their whereabouts before the searches.
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. Under this agreement, the developer held a 63 per cent share and the landowner held 37 per cent.
The agency claimed the directors cheated Anjinappa by not constructing or handing over his allocated apartments. It further alleged that the directors made the landowner a guarantor for company loans, forcing him to repay significant amounts to keep his land.
Investigators alleged that the directors diverted approximately ₹90 crore intended for project construction to family members and family-owned entities. Further investigation is currently underway.