The Cyberabad Economic Offences Wing (EOW) has arrested Chandra Shekar Vege, Managing Director of Goldfish Abode Private Limited, for executing illegal villa registrations in the Zresta Gated Community. A resident of Osman Nagar, Tellapur, Ranga Reddy District, Chandra Shekar was apprehended following a complaint lodged by S. Vikranth Reddy, Secretary of Zresta Villas Owners MMACS Ltd.
Vikranth’s complaint alleges that Chandra Shekar unauthorizedly executed villa registrations through his directors from 2020 to 2023, breaching the AGP cum Development Agreement. He is accused of misappropriating Rs6.81 crore collected from villa owners intended for the Corpus Fund and maintenance charges.
Following the complaint, a case was registered at EOW, resulting in Chandra Shekar’s arrest and judicial remand. Investigations uncovered his involvement in seven criminal cases within the Narsingi police jurisdiction and one at Gachibowli police. The PD Act has also been invoked against him by Narsingi Police.
Reports indicate that Chandra Shekar executed property registrations for villas in Zresta Gated Community via Additional Directors, despite having signed the sale agreements himself. Between 2021 and 2023, he collected Rs3.96 crore as Corpus Fund and Rs2.85 crore as maintenance charges but failed to transfer the total amount of Rs6.81 crore to Zresta Villas Owners MMACS Ltd, as noted by K. Prasad, DCP EOW.
The accused allegedly exploited his position to commit financial fraud against the villa owners’ association. Cyberabad police urge individuals to ensure that property registrations are conducted directly by authorized signatories in sale agreements, especially for significant transactions. They also recommend regular reviews of builders’ and housing associations’ financial dealings concerning maintenance and corpus funds. If anyone suspects fraudulent activity or misappropriation of funds, they should seek legal advice or promptly file a complaint with the appropriate authorities.