Sitabuldi Police have registered a case of cheating and criminal breach of trust against three businessmen — Atul Yamsanwar, Ankush Patil, and Subhash Surana — following a complaint alleging a financial fraud involving illegal sale of company land worth crores.
The complaint was filed by Sachin Pandey (43), authorised representative of businessman Deepak Gadge, under a notarised power of attorney dated June 7, 2025.
According to the FIR, Gadge was invited in 2016 by Yamsanwar to invest in Urban Township Private Limited, which was facing financial difficulties. The company owned two vacant plots totaling 15,944 sq m in Chikhali near Nagpur, purchased in 2013.
Gadge agreed to acquire a 60% stake (6,000 shares) and take on existing liabilities of Rs 7.5 crore to support the company. His majority stake was confirmed in a board resolution dated November 19, 2016, and a shareholder agreement dated November 25, 2016, with the remaining 40% stake split among the three directors (13%, 13%, and 14%).
However, the FIR states that only 30% of Gadge’s shares were recorded with the Registrar of Companies (ROC). The company secretary, Rohit Gandhi, is reportedly under investigation for this irregularity.
Despite Gadge holding a majority stake, the directors allegedly conducted unauthorized board meetings, appointed two new directors — Kamal Agarwal and Pradeep Patel, who were partners in the buyer firm, and sold the land to Mahadev Infra Projects on April 20, 2022, for Rs 10.6 crore.
The Ready Reckoner value of the land exceeded Rs 16 crore, but the sale was allegedly undervalued and manipulated. The complaint claims that the entire sale proceeds were diverted, leaving Gadge with nothing.
The accused are charged with cheating, criminal breach of trust, conspiracy, and related offences. Investigations are ongoing into the money trail, board resolutions, and potential conflicts of interest.
