Builder Held for Misappropriating Rs 6.81 crore
Builder arrested for cheating
Hyderabad: The EOW PS of Cyberabad arrested one Chandra Shekar Vege, Managing Director of Messrs Goldfish Abode Private Limited. The accused is resident of Osman Nagar, Tellapur, Ranga Reddy District.
The complainant S Vikranth Reddy of Kokapet Village, Gandipet Mandal, RR District, stated that the accused unauthorisedly executed villa registrations through his directors between 2020-2023 by violating AGP-cum-Development Agreement and also misappropriated Rs6.81 crore collected from villa owners towards Corpus Fund and Maintenance charges. EOW PS registered a case and investigated and arrested the accused and produced before the court which sent him to judicial remand.
During the the investigation, it was revealed that the accused was involved in seven criminal cases within the Narsingi PS limits and one case at Gachibowli PS and the PD Act has been invoked against him by Narsingi Police. The accused executed property registrations of villas in Zresta Gated Community through his Additional Directors, despite having personally signed in the sale agreements. He collected Rs3,96,38,781 as Corpus Fund and Rs2,85,39,945 as Maintenance charges from villa owners between 2021-2023. Failed to transfer the collected funds of Rs6,81,78,726 to Zresta Villas Owners MMACS Ltd. The accused misused his position and misappropriated the funds intended for the villa owners association, thereby committing financial fraud.
The police advised the public always ensure that property registrations are executed directly by the authorised 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 concerning maintenance funds and corpus funds, to ensure they are being utilized properly. If you suspect any fraudulent activity or misappropriation of funds, immediately seek legal advice or file a complaint with the appropriate authorities.
The case is being investigated by S Murali Krishna, Asst. Commissioner of Police, Economic Offences Wing Police Station, Cyberabad under the supervision of K Prasad, Dy Commissioner of Police, EOW, Cyberabad.
