Pune: 3 Booked For Mortgaging ₹50 Crore Educational Land

A case has been registered at the Vishrantwadi police station in Pune against three persons, including Neela Manoharlal Gupta, founder of Rashmi Education Society, for allegedly mortgaging the educational institution's land without authorisation. The land, worth around ₹50 crore, was mortgaged to secure a loan of ₹1.5 crore for personal benefit.

The complaint was lodged by Parameshwar Venkatrao Solunke, secretary of Rashmi Education Society. The accused have been identified as Neela Manoharlal Gupta, Rashmi Manoharlal Gupta, and Sulabha Modak. According to the complaint, the alleged offence took place at Rashmi Education Society in Yerawada from January 22, 2026 onwards.

Neela Gupta founded the Rashmi Education Society in 1984, and the trust runs a school from pre-primary to Class 10 on a land parcel leased by the government. In 2007, Gupta allegedly approached the complainant and other individuals, claiming that the school was facing financial difficulties and asking them to join the trust as trustees.

The complainant and three others subsequently became trustees and allegedly spent their own money to transfer the government-leased land in the name of the society in 2010. They also incurred expenses for constructing a boundary wall, shed, and school building. However, in 2017, Gupta prepared forged resignation letters purportedly showing that the other trustees had resigned and submitted them to the Assistant Charity Commissioner.

She subsequently inducted six new trustees, leading to a dispute between the old and new trustees. The matter was challenged before the Charity Commissioner, and Gupta was subsequently removed from the trust's board. Despite this, the three accused allegedly executed a registered mortgage deed on January 22, 2026, pledging the society's land with Avanse Financial Services, Mumbai, and obtained a loan of ₹1.5 crore.

The complainant alleged that neither permission from the Charity Commissioner nor the District Collector was obtained before mortgaging the property. The land is reportedly classified as Occupant Class-II land, for which the Collector's permission is required for such a transaction.

The case was investigated under the supervision of Deputy Commissioner of Police Vivek Masal, and based on the preliminary inquiry, the Vishrantwadi police registered the case. The accused have been booked for allegedly mortgaging the educational institution's land without authorisation and obtaining a loan for personal benefit.

The Rashmi Education Society has been embroiled in a dispute between the old and new trustees, with the matter pending before the High Court. The society's assets, including the land, are reportedly worth around ₹50 crore. The case highlights the importance of transparency and accountability in the management of educational institutions and their assets.

The registration of the case against the three accused is a significant development in the ongoing dispute between the old and new trustees of the Rashmi Education Society. The case is likely to have implications for the management of the society and its assets, and it remains to be seen how the matter will unfold in the coming days.

In conclusion, the case against the three accused in Pune highlights the need for transparency and accountability in the management of educational institutions and their assets. The case is a reminder that such institutions must be managed in a responsible and transparent manner, and that any attempts to misuse their assets for personal benefit will be taken seriously by the authorities.