ED has raided three locations associated with Aryan Hometec in the ₹90 crore fraud case

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 search focused on company directors Bharath Reddy and Rashmi Bharath Reddy. The agency said it seized incriminating documents and other valuable records during the operation.

The money laundering investigation was initiated on the basis of several FIRs registered by the police on complaints from the land owner, home buyers and financial institutions. The ED claimed that though the local police had filed ‘C’ reports in certain cases and listed the accused as untraceable, its investigators had managed to ascertain their whereabouts before conducting searches.

According to the investigation, Aryan Hometec entered into a joint development agreement with landowner BG Anjinappa to develop two projects, Aryan Fountain Square and Aryan Golden Arena, with the developer and landowner holding respective shares of 63% and 37%.

The ED alleged that the directors of the company cheated Anjinappa by not constructing and handing over the flats allotted to him as per the agreement. They also allegedly made him a guarantor for the institutional loans the company received.

As a result, Anjinappa was forced to repay a substantial portion of the loans to keep his land despite not receiving any returns from the developer, the agency said.

The investigation further revealed that the directors allegedly siphoned off around ₹90 crore collected from home buyers and investors, which was meant for the construction of the projects.

The ED alleged that the funds were diverted to family members and entities owned by the family in a money laundering operation.

Further investigation is underway.

Published – 04 Nov 2026 22:23 IST