Pune: Rs 50 Crore Rashmi Education Society Land Allegedly Mortgaged for Rs 1.5 Crore Loan; Three Booked in Pune
Pune, 11th September 2026: The Vishrantwadi police have registered a case against three persons, including the founder of Rashmi Education Society, for allegedly mortgaging the society’s land, valued at around ₹50 crore, without authorisation and obtaining a loan of ₹1.5 crore.
The accused have been identified as Neela Manoharlal Gupta, Rashmi Manoharlal Gupta and Sulabha Modak, a resident of Yerawada.
The case was registered following a complaint by Parmeshwar Venkatrao Solunke (59), secretary of Rashmi Education Society and a resident of Chhatrapati Sambhajinagar.
According to the complaint, the alleged offence took place at the Rashmi Education Society premises in Yerawada from January 22, 2026, onwards.
Rashmi Education Society was established by Neela Gupta in 1984 and is registered with the Charity Commissioner. The society has around 2 hectares and 34 ares of land, which was allotted by the government on lease. A school from pre-primary to Class 10 is operated on the premises.
According to the complainant, Gupta had approached several persons in 2007, stating that the school was facing financial difficulties and that the existing trustees wanted to step down. Raghavendra Joshi, Parmeshwar Solunke, Sanjay Shirsikar and Dilip Redde subsequently became trustees along with Neela Gupta, her son Badal Gupta and daughter Rashmi Gupta.
The complaint states that the new trustees subsequently incurred expenses to have the government-leased land transferred in the name of the society. They also allegedly bore the expenses for constructing the compound wall, sheds and school buildings and for other development work on the property.
The complainant further alleged that in 2017, Neela Gupta submitted purportedly false resignation documents of the other trustees to the Assistant Charity Commissioner and inducted six new trustees. This resulted in a dispute between the existing and newly appointed trustees.
According to the complaint, proceedings before the Charity Commissioner subsequently resulted in Neela Gupta being removed from the trust’s board. Gupta challenged the decision before the court. The current trustees also approached the High Court on September 29, 2025, and the matter remains pending.
The complainant alleged that despite not being authorised trustees, Neela Gupta, Rashmi Gupta and Sulabha Modak mortgaged the society’s property measuring approximately 2 hectares and 34 ares to Avanse Financial Services, Mumbai, on January 22, 2026.
The property, estimated to be worth around ₹50 crore, was allegedly mortgaged to secure a ₹1.5 crore loan, which the complainant alleged was obtained for the personal benefit of the accused.
The complaint further states that the accused did not obtain the required permission from the Charity Commissioner before mortgaging the property. Since the land is classified as Occupancy Class II, permission from the District Collector was also allegedly required.
The complainant alleged that the three accused had no authority to deal with or mortgage the society’s property and that the transaction amounted to cheating and financial loss to the educational institution.
A complaint regarding the alleged transaction was received by the Economic Offences Wing (EOW). After an inquiry conducted under the guidance of Deputy Commissioner of Police Vivek Masal, the matter was referred to the Vishrantwadi police, who subsequently registered the case.
Assistant Police Inspector Dattatray Waghmare is investigating the case.
