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%.The ED alleged that the company’s directors cheated Anjinappa by failing to construct and hand over the apartments allocated to him under the agreement.
They also allegedly made him a guarantor for institutional loans raised by the company.As a result, Anjinappa was forced to repay a substantial portion of the loans to retain 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 homebuyers 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 as part of a money laundering operation.Further investigation is under way. Published - November 04, 2026 10:23 pm IST