Police blow lid off villa scam, arrest MD of Goldfish Abode

Hyderabad: The Cyberabad Economic Offences Wing (EOW) has arrested Chandra Shekar Vege, Managing Director of Goldfish Abode Private Limited, for illegally executing villa registrations in Zresta Gated Community. Chandra Shekar, a resident of Osman Nagar, Tellapur, Ranga Reddy District, was arrested following a complaint by S. Vikranth Reddy, Secretary of Zresta Villas Owners MMACS Ltd.

Vikranth's complaint alleged that Chandra Shekar unauthorizedly executed villa registrations through his directors from 2020 to 2023, violating the AGP cum Development Agreement. He is accused of misappropriating Rs 6.81 crore collected from villa owners for the Corpus Fund and maintenance charges.

A case was registered at EOW, leading to Chandra Shekar’s arrest and subsequent judicial remand. Investigations revealed his involvement in seven criminal cases within the Narsingi police limits and one at Gachibowli police. The PD Act has also been invoked against him by Narsingi Police.

Chandra Shekar reportedly executed property registrations for villas in Zresta Gated Community through Additional Directors, despite having signed the sale agreements himself. Between 2021 and 2023, he collected Rs 3.96 crore as Corpus Fund and Rs 2.85 crore as maintenance charges but failed to transfer the total amount of Rs 6.81 crore to Zresta Villas Owners MMACS Ltd, according to K. Prasad, DCP EOW.

The accused misused his position to commit financial fraud against the villa owners' association. Cyberabad police advise individuals to ensure property registrations are executed directly by authorized signatories in sale agreements, especially for large transactions. They also recommend regularly reviewing the financial dealings of builders and housing associations concerning maintenance and corpus funds.

If anyone suspects fraudulent activity or misappropriation of funds, they should seek legal advice or file a complaint with the appropriate authorities immediately.