ED raids three locations linked to Aryan Hometec in ₹90-crore fraud case

Bengaluru The Enforcement Directorate (ED) on Wednesday conducted searches at three locations linked to Aryan Hometec Private Limited in connection with an alleged ₹90-crore fraud and money laundering case. The searches targeted the company’s directors, Bharath Reddy and Rashmi Bharath Reddy. The agency said it had seized incriminating documents and other valuable records during the operation.

The money laundering investigation was initiated based on multiple FIRs registered by the police following complaints from a landowner, homebuyers and financial institutions. The ED claimed that although the local police had filed ‘C’ reports in certain cases, citing the accused as untraceable, its investigators managed to establish their whereabouts before conducting the searches. According to the investigation, Aryan Hometec had entered into a Joint Development Agreement with landowner B.G.

Anjinappa to develop two projects, Aryan Fountain Square and Aryan Golden Arena, with the developer and landowner having respective shares of 63% and 37%.