Realty firm MD held for cheating villa owners of Rs 7 crore

Hyderabad: The managing director of Goldfish Abode Private Limited was arrested by Cyberabad police's Economic Offences Wing (EOW) on Thursday for allegedly cheating customers who bought villas in one of his projects.Police said that V Chandrasekhar was arrested based on a complaint by Vikranth Reddy, secretary of Zresta Villas Owners MMACS Ltd.The complainant alleged that Chandrasekhar illegally executed the registration of villas through his directors between 2020 and 2023 in violation of the development agreement by sending additional directors. He is also accused of misappropriating Rs 6.81 crore, which was collected from the building owners citing corpus fund and maintenance charges.During the course of the investigation, it was found that the accused was named in seven criminal cases registered in Narsingi and Gachibowli."The accused collected Rs 3.96 crore as corpus fund and Rs 2.85 crore as maintenance charges from villa owners between 2021 and 2023. He failed to transfer the collected funds of Rs 6.81 crore to Zresta Villas Owners MMACS Ltd. The accused misused his position to misappropriate the funds intended for the villa owners' association, thereby committing financial fraud," a cop said. The investigators said that property buyers should ensure registrations are executed directly by the authorised signatory mentioned in the sale agreement.Chandrasekhar was later produced before the magistrate who sent him to judicial remand.
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