Hyderabad: The Cyberabad Economic Offences Wing (EOW) has arrested Chandra Shekar Vege, who is the Managing Director of Goldfish Abode Private Limited. He was arrested for illegally handling villa registrations in the Zresta Gated Community. Chandra Shekar lives in Osman Nagar, Tellapur, Ranga Reddy District. His arrest followed a complaint made by S. Vikranth Reddy, the Secretary of Zresta Villas Owners MMACS Ltd.
According to Vikranth’s complaint, Chandra Shekar executed villa registrations without proper authorization between 2020 and 2023. This action violated the AGP cum Development Agreement. He is also accused of misusing Rs 6.81 crore, which was collected from villa owners for the Corpus Fund and maintenance charges.
Following the complaint, a case was registered at the Economic Offences Wing, leading to Chandra Shekar’s arrest. After his arrest, he was placed under judicial remand. Investigations revealed that he has been involved in seven other criminal cases within the Narsingi police jurisdiction and one case with the Gachibowli police. The Narsingi Police have also invoked the Preventive Detention (PD) Act against him.
Chandra Shekar had reportedly signed sale agreements for villas in the Zresta Gated Community. However, despite signing these agreements, he allowed property registrations to be handled by other directors. Between 2021 and 2023, he collected Rs 3.96 crore as Corpus Fund and Rs 2.85 crore as maintenance charges. But, as per DCP K. Prasad of the EOW, Chandra Shekar did not transfer the total sum of Rs 6.81 crore to the Zresta Villas Owners MMACS Ltd.
Chandra Shekar is accused of taking advantage of his position to commit financial fraud against the villa owners’ association. The Cyberabad police have advised people to ensure that property registrations are carried out by authorized signatories named in the sale agreements, especially for large financial transactions. They also recommend that individuals keep a close watch on the financial dealings of builders and housing associations regarding maintenance and corpus funds.
If anyone suspects fraudulent activity or the misuse of funds, the police suggest seeking legal advice or filing a formal complaint with the relevant authorities immediately.
