The Economic Offences Wing today arrested one Chandra Shekar Vege, MD of Goldfish Abode Private Limited.
The Economic Offences Wing Police Station of Cyberabad today arrested one Chandra Shekar Vege, Managing Director of Goldfish Abode Private Limited. Vege is a resident of Osman Nagar, Tellapur, Ranga Reddy district.
A person named S Vikranth Reddy of Kokapet village, Gandipet mandal, RR district, complained that the accused had unauthorizedly executed villa registrations through his directors during 2020-2023 by violating the AGP-cum-development agreement and had also misappropriated Rs 6.81 crore collected from the villa owners towards a corpus fund and maintenance charges.
The EOW PS registered a case and investigated the issue, and arrested Vege and produced him before a court, which sent him to judicial remand.
During the the investigation, it was revealed that Vege was involved in seven criminal cases within the Narsingi PS limits and in one case at the Gachibowli PS, and that the PD Act had been invoked against him by the Narsingi police. He executed property registrations of villas in the Zresta gated community through his Additional Directors, despite having personally signed the sale agreements. He collected Rs 3,96,38,781 as corpus fund and Rs 2,85,39,945 as maintenance charges from the villa owners during 2021-2023. He however failed to transfer the collected funds of Rs 6,81,78,726 to Zresta Villas Owners MMACS Ltd and misappropriated them, thereby committing financial fraud.
The police advised the public to always ensure that property registrations were executed directly by the authorized signatory mentioned in the sale agreement, especially when dealing with large transactions. Buyers should regularly review the financial dealings of builders and housing associations, especially those concerning maintenance funds and corpus funds, to ensure they were being utilized properly, the police said.