Hyderabad: The Cyberabad police’s Economic Offences Wing (EOW) on Thursday, September 26 arrested a man for defrauding customers of Rs 7 crore who bought villas in his project.
The accused, identified as V Chandrasekhar, was arrested based on a complaint by Vikranth Reddy, secretary of Zresta Villas Owners MMACS Ltd. In his complaint, Reddy 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.
Chandrashekhar is also accused of a fraud worth Rs 6.81 crore, which he collected from building owners in the guise of corpus fund. Investigation revealed that the accused was involved in seven cases of fraud 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 worth 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,” said the police.
The accused was later produced before the magistrate who sent him to judicial remand.
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