Hyderabad – In a significant development, the Cyberabad Economic Offences Wing (EOW) police arrested Chandrasekhar Vege, the managing director of Goldfish Abode Private Limited, on Thursday for allegedly misappropriating Rs 6.81 crore. This action came after a complaint from Vikrant Reddy, secretary of the Zresta Villas Owners MMACS Ltd, which comprises 27 members in the Kokapet villa complex.
The complaint accuses Vege of executing unauthorized registrations through his directors from 2020 to 2023 and breaching the development agreement with the villa owners. “Vege collected Rs 25 lakh from each of us for a corpus fund and maintenance, but he neither refunded us nor performed any maintenance work,” Vikrant explained.
Vikrant, who purchased his villa in 2015, expressed frustration over the lack of maintenance, noting that significant work hadn’t been carried out until 2022. The owners had collectively contributed Rs 14,68,103 toward the corpus fund and Rs 10,57,035 for maintenance, yet no services were rendered.
Moreover, the sale deed indicated that an interest amount would be paid to the villa owners, a promise that was reportedly never fulfilled. “We all paid Rs 14,68,103 into the corpus fund, which was supposed to act like a fixed deposit with an interest rate of 6.5 to 7 percent. When we inquired about the interest, he refused to provide it,” Vikrant told Deccan Chronicle.
Another villa owner, Sridhar, criticized Vege for creating disturbances within the community. “Recently, he sent workers to do some tasks. When we implemented a pass system for security, he objected. On Wednesday morning, he even verbally abused our security guards,” Sridhar reported. Footage of the altercation has since spread across social media.
According to Vikrant, Vege has approximately 12 criminal cases against him in the Cyberabad commissionerate, which led to the invocation of the Prevention of Detention (PD) Act.
The investigation remains active, and further information is expected as the case progresses.
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