Nagpur: In a serious case pointing to alleged corporate fraud and large-scale financial manipulation, Sitabuldi Police have registered offences of cheating, criminal breach of trust and other related sections against three businessmen, Atul Yamsanwar, Ankush Patil and Subhash Surana, following a detailed complaint lodged by Sachin Pande.
Police said Pande had acquired a 60% controlling stake in Urban Township Pvt. Ltd. by taking over an existing liability of Rs 7.5 crore. Crucially, this liability did not include a mortgage created in favour of Shriram Chit Fund by the then directors, Yamsanwar, Patil and Surana. As part of the transaction, 6,000 share certificates were formally issued to Pande, clearly reflecting his majority shareholding in the company.
However, the complainant later discovered that company records had been allegedly manipulated to show only 30% of his shareholding. The remaining shares were never uploaded, allegedly at the behest of the accused. The company’s secretary, Rohit Gandhi, is accused of deliberately failing to reflect the full share transfer. The matter was taken to the Disciplinary Directorate of the Institute of Company Secretaries of India, where a case (DC/687/2022) was registered and an inquiry initiated against Gandhi.
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13 Jan 2026
Suspecting deliberate and coordinated fraud by the former directors, Pande issued public caution notices in a local newspaper on November 23, 2021, and June 8, 2022, warning against any unauthorised dealings in the company’s assets.
Despite these warnings and in complete disregard of the complainant’s majority ownership, the accused allegedly went ahead and fraudulently registered a sale deed of the company’s prime land at Chikli in favour of Mahadev Infra Projects for Rs 10.6 crore, without Pande’s consent or signature. Police said the land had a Ready Reckoner valuation exceeding Rs 16 crore, indicating deliberate and substantial undervaluation to facilitate wrongful gain.
The complaint further alleges that official valuation reports were tampered with through handwritten overwriting to suppress the actual market value of the property. It is also alleged that a portion of the sale consideration was siphoned off in cash by the accused directors, while the remaining amount was routed through multiple bank accounts. Pande has claimed that he did not receive a single rupee from the transaction.
Adding to the gravity of the allegations, police said the board resolution approving the sale was allegedly signed by Pradeep Patel and Agrawal, who were fraudulently inducted as directors. Both were also partners in Mahadev Infra Projects, the buyer of the land, raising serious conflict-of-interest and conspiracy concerns.
Sitabuldi Police said a comprehensive probe is underway to verify the allegations, examine forged and manipulated documents, establish the role of each accused and trace the money trail. Further action will follow based on the findings of the investigation.
