The Cyberabad Special Operation Team (SOT) on Thursday arrested Goldfish Abode Private Limited managing director for misappropriation of funds to the tune of ₹6.81 crore.
According to the police, Chandra Shekar Vege was arrested following a complaint by S. Vikranth Reddy, secretary of Zresta Villas Owners MMACS Ltd.
The investigation revealed that the accused executed property registrations of villas in Zresta Gated Community through his ‘additional directors’, despite having personally signed in the sale agreements.
Shekar collected ₹3.96 crore as corpus fund and ₹2.85 crore as maintenance charges from villa owners between 2021-2023 and failed to transfer the collected funds to Zresta Villas Owners MMACS Ltd, Cyberabad EOW DCP K. Prasad said.
It was found that the accused had a history of criminal cases against him. He was booked seven times by the Narsingi police and once by the Gachibowli police. Earlier, Preventive Detention (PD) Act has been invoked against him by Narsingi police
Following the arrest, the police issued a public advisory cautioning citizens to ensure that property registrations are executed directly by the authorised signatory mentioned in the sale agreement. Moreover, buyers should regularly review the financial dealings of builders and housing associations, especially concerning maintenance funds and corpus funds, to ensure that they are being utilised properly, the advisory read.
Published – September 26, 2024 07:01 pm IST
