Nagpur Police Register Cheating Case in Major Land Fraud
Sitabuldi police in Nagpur have taken decisive action against three businessmen. They registered a formal case of cheating and criminal breach of trust. The accused individuals are Atul Yamsanwar, Ankush Patil, and Subhash Surana.
Complaint Details and Allegations
The complaint stems from a serious financial fraud allegation. It involves the illegal sale of company land valued at crores of rupees. Sachin Pandey, aged 43, filed the official complaint. He acted as the authorised representative for businessman Deepak Gadge. This authorisation came through a notarised power of attorney dated June 7, 2025.
Background of the Investment
The story begins back in 2016. Atul Yamsanwar invited Deepak Gadge to invest in Urban Township Private Limited. The company was experiencing significant financial difficulties at that time. This private company owned two substantial vacant plots of land. The total area measured 15,944 square meters. These plots were located in Chikhali, near Nagpur. The company had originally purchased this land in 2013.
Deepak Gadge agreed to the investment proposal. He decided to acquire a 60% stake in the struggling company. This stake translated to 6,000 shares. As part of the deal, Gadge also took on existing company liabilities amounting to 7.5 crore rupees. His position as the majority shareholder received formal confirmation. A board resolution dated November 19, 2016, documented this status. A shareholder agreement followed on November 25, 2016. The remaining 40% stake was divided among the three company directors. They held 13%, 13%, and 14% respectively.
Discovery of Irregularities
The complainant later made a disturbing discovery. Only 30% of Gadge's shares appeared in the official records. The Registrar of Companies (ROC) documents showed this discrepancy. This irregularity has brought the role of company secretary Rohit Gandhi under police scrutiny. Investigators are examining his potential involvement in the matter.
Unauthorized Actions and Land Sale
Despite Gadge holding the clear majority stake, the directors allegedly proceeded without proper authorisation. They conducted board meetings without following due process. During these meetings, they appointed two new directors to the company. These individuals were Kamal Agarwal and Pradeep Patel. Notably, both men were also partners in the buying firm.
The directors then executed a major transaction. They sold the company's valuable land to Mahadev Infra Projects. This sale occurred on April 20, 2022. The transaction price was set at 10.6 crore rupees.
Undervaluation and Financial Diversion
Police investigators have noted a significant valuation issue. The Ready Reckoner value of the land in question exceeded 16 crore rupees. However, the actual sale price remained substantially lower. The complaint alleges deliberate undervaluation and manipulation of the transaction.
According to the filed complaint, the entire sale proceeds were then diverted elsewhere. This financial diversion left Deepak Gadge with absolutely nothing from the transaction. The majority shareholder received no benefit from the sale of company assets.
Charges and Ongoing Investigation
The accused businessmen now face multiple serious charges. These include cheating, criminal breach of trust, and conspiracy. Police have also added related offences to the case. The investigation remains active and ongoing.
Authorities are currently tracing the complex money trail. They are examining all board resolutions related to the transaction. Investigators are also looking into potential conflicts of interest throughout this matter. The police continue their work to uncover the full extent of this alleged financial fraud.
