Bengaluru, Nov 4 (IANS) The Enforcement Directorate (ED) has conducted search operations at three premises connected to Aryan Hometec Private Limited and its directors, Bharath Reddy and Rashmi Bharath Reddy, in connection with an alleged Rs 90-crore fraud involving a landowner, homebuyers and financial institutions, the official statement said on Wednesday.
During the searches, the ED’s Bengaluru Zonal Office seized various incriminating and valuable documents, according to an official statement issued by the central agency.
The ED investigation was initiated based on multiple FIRs registered by police authorities following complaints lodged by the landowner, homebuyers and financial institutions against Aryan Hometec Private Limited and its directors.
In a couple of cases, the police had filed ‘C’ reports saying that the accused persons were not traceable.
The ED said it made sustained efforts to establish their whereabouts before conducting the searches.
The investigation revealed that Aryan Hometec Private Limited, through its directors, allegedly cheated landowner B.G. Anjinappa by failing to construct and hand over the apartments allocated to him under a Joint Development Agreement (JDA).
The company had also allegedly made the landowner a guarantor for loans obtained from various financial institutions.
Despite not receiving any returns from the company or its directors, Anjinappa reportedly repaid a major portion of the loans to retain his land.
Further investigation revealed that Aryan Hometec Private Limited had entered into a Joint Development Agreement with Anjinappa, agreeing to share the units and apartments in the projects, along with the land, in the ratio of 63 per cent and 37 per cent, respectively.
The projects undertaken under the agreement were ‘Aryan Fountain Square’ and ‘Aryan Golden Arena’.
The ED also alleged that the directors cheated homebuyers and investors by diverting amounts collected for the construction of these projects for various other purposes.
An estimated Rs 90 crore collected for the construction of the two projects was allegedly siphoned off by the company.
According to the agency, Aryan Hometec Private Limited and its directors generated proceeds of crime through cheating and subsequently layered and integrated the funds by diverting substantial amounts to their family members and entities owned by them.
The ED said that further investigation into the case was underway.
–IANS
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