EDINBURG – A grand jury has formally indicted a Rio Grande Valley homebuilder.

Juan Carlos Carranza was indicted on a property theft charge.

Authorities arrested Carranza, who owns Newmark Custom Homes, back in July.

Officials say he took money from clients, but failed to finish construction.

The indictment lists eight people as alleged victims.

In total, Carranza is accused of stealing over $400,000.