Archive · 11 Sep 2026
Three Booked Over Alleged Mortgage of Pune Educational Land
Police in Pune have booked three people over a disputed land transaction.
The land belongs to an educational society that runs a school in Yerawada.
The property is reportedly worth about ₹50 crore.
Investigators allege it was used to obtain a ₹1.5 crore loan for personal benefit.
The complaint says the land was mortgaged without permission from the Charity Commissioner or District Collector.
The society’s trustees have been involved in a dispute since alleged resignation letters were submitted in 2017.
The case concerns a mortgage deed registered on January 22, 2026.
The allegations have been registered as a police case and will be investigated.
Three people, including Rashmi Education Society founder Neela Manoharlal Gupta, were booked over the alleged mortgage.
Police allege the society’s government-leased Yerawada land, valued at about ₹50 crore, secured a ₹1.5 crore loan.
The accused allegedly mortgaged the property with Avanse Financial Services without required authorisations.
The complaint alleges Gupta had been removed from the trust board and lacked authority over its assets.
Vishrantwadi police registered the case after an Economic Offences Wing inquiry supervised by Deputy Commissioner Vivek Masal.
- Who
- Neela Manoharlal Gupta, Rashmi Manoharlal Gupta and Sulabha Modak were booked following a complaint by Rashmi Education Society secretary Parameshwar Venkatrao Solunke.
- What
- The three accused allegedly mortgaged the society’s educational land and obtained a ₹1.5 crore loan.
- When
- The alleged mortgage deed was registered on January 22, 2026; the alleged offence is stated to have occurred from that date onward.
- Where
- Rashmi Education Society’s school land in Yerawada, Pune; the lender named is Avanse Financial Services in Mumbai.
- Why
- The complainant alleges the land was pledged for personal benefit without authorisation from the Charity Commissioner or District Collector.
- Accused
- Neela Manoharlal Gupta, Rashmi Manoharlal Gupta and Sulabha Modak
- Loan amount
- ₹1.5 crore
- Estimated land value
- Around ₹50 crore
- Property location
- Yerawada, Pune
- Lender
- Avanse Financial Services, Mumbai
- Registered mortgage date
- January 22, 2026
- Police station
- Vishrantwadi police station