HYDERABAD: The Cyberabad Economic Offences Wing (EOW) apprehended the managing director of a real estate company for allegedly misappropriating Rs 6,81 crore funds that were collected during villa registrations of a gated community, Zresta.
The accused, Chandra Shekar Vege, is the MD of Goldfish Abode Pvt Ltd. He allegedly executed the villa registrations unauthorisedly through his directors between 2020 and 2023 by violating the AGP cum Development Agreement.
Secretary of Zresta Villas Owners MMAC Ltd S Vikranth Reddy complained that Chandra Shekhar collected Rs 6.81 crore from the villa owners as part of the corpus fund and maintenance charges. However, he failed to transfer the funds collected for the villa owners’ association and allegedly committed financial fraud.
Further, Chandra Shekhar allegedly executed the property registrations of the villas through his directors despite having personally signed the sale agreements, accused the complainant.