Hyderabad: The Cyberabad economic offences wing (EOW) police on Thursday arrested Chandrasekhar Vege, managing director (MD) of Goldfish Abode Private Limited, for allegedly misappropriating funds worth Rs 6.81 crore. The police said they had received a complaint from one Vikrant Reddy, secretary of the Zresta Villas Owners MMACS Ltd at Kokapet, owner of one of the villas.
According to the complaint, there are 27 members in the villa complex. It was alleged that Vege allegedly carried out unauthorised registrations through his directors between 2020 and 2023 and also violated the development agreement that was signed with the society members.
“Vege took Rs 25 lakh each from 27 of us for a corpus fund and maintenance. He did not repay us nor did he carry out any maintenance work,” alleged Vikranth.
“The construction for the villas started in 2015 when I bought one of them. Until 2022, no major maintenance works were carried out. We have paid Rs 14,68,103 towards the corpus fund and Rs 10,57,035 towards maintenance. However, no maintenance works were carried out,” Vikranth alleged.
According to the sale deed prepared at the time of the registrations, the villa owners were promised an interest amount, which was allegedly never paid by the accused. “Each one of us paid Rs 14,68,103 towards corpus fund, which acts as a fixed deposit, with an interest rate of 6.5 to 7 per cent interest. When we asked for the interest amount, he refused to pay,” Vikranth told Deccan Chronicle.
Sridhar, a villa owner, accused Vege of creating nuisance in the society. “Lately, he has been sending workers to do some work. We started a pass system to ensure the security of the residents, but he objected to it. On Wednesday morning, he started abusing our security guards.”
A video of Vege quarrelling with the security guards was circulated on social media platforms. Vikranth said the accused had around 12 criminal cases registered against him in the Cyberabad commissionerate limits and the PD Act was invoked against him.
