Hyderabad: EOW arrests Goldfish Abode Private Limited MD for alleged financial fraud

The EOW Deputy Commissioner of Police, K. Prasad said that he had received a complaint from S. Vikranth Reddy, Secretary of Zresta Villas Owners MMACS in which he stated that the MD unauthorisedly executed villa registrations through his directors between 2020-2023

Hyderabad: The Economic Offences Wing of the Cyberabad police arrested the managing director of Goldfish Abode Private Limited, V.Chandra Sekhar for alleged financial fraud and misappropriation of funds intended for the villa owners’ association.

The EOW Deputy Commissioner of Police, K. Prasad in a press release said that he had received a complaint from S. Vikranth Reddy, Secretary of Zresta Villas Owners MMACS in which he stated that Chandrasekar Vege unauthorisedly executed villa registrations through his directors between 2020-2023.

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He further mentioned that the move violates AGP cum Development Agreement and misappropriated Rs.6.81 crore collected from villa owners towards Corpus Fund and Maintenance charges.

Based on the complaint, a case was registered at EOW PS, Cyberabad and while investigation is in progress, the suspect was arrested and produced before the court and was sent to judicial remand.

During the course of the investigation it was revealed that the suspect has been involved in seven criminal cases within the Narsingi police limits and one case at the Gachibowli police. Reportedly, PD Act was also invoked against him by Narsingi Police.

According to the EOW officials, the suspect executed property registrations of villas in Zresta Gated Community through his Additional Directors, despite having personally signed in the sale agreements and collected Rs.3,96,38,781 as Corpus Fund and Rs.2,85,39,945 as Maintenance charges from villa owners between 2021-2023.

He allegedly failed to transfer the collected funds in total to Zresta Villas Owners MMACS Ltd.