Mantra Insignia Directors fraud FIR filed against Pune directors.

FIR Filed Against Mantra Insignia Directors in Pune

• ₹33.51 Crore Construction Fraud Exposed

• Fake Docs, Unpaid Bills: FIR Against Top Pune Developers

• Massive Construction Fraud: EOW Probes Mantra Insignia

• Pune Builder Trio Accused in ₹33.51 Cr Cheating Case

Unmesh Gujarathi
Sprouts News Exclusive
Contact: +91 9322755098

In a major real estate fraud case, Pune’s Mundhwa Police have registered a ₹33.51 crore cheating case against the Mantra Insignia directors. The accused allegedly used forged documents and failed to pay for large-scale construction work. The Economic Offences Wing is investigating. Sprouts News Investigation Team (SIT) is tracking the developments.

Mantra Insignia Directors Booked in ₹33.51 Crore Real Estate Fraud

A First Information Report (FIR) has been registered at Mundhwa Police Station against the directors of Mantra Insignia, a prominent Pune-based construction company. The case involves an alleged fraud amounting to ₹33.51 crore, making it one of the more serious corporate disputes in Pune’s booming real estate sector.

The accused have been identified as Rohit Ghanshyam Gupta (37) of Salisbury Park, Vishal Nandlal Gupta (46) of Bibwewadi, and Siddharth Jain (35) of NIBM Road. The complaint was filed by Yugank Subhash Kadam (34), a resident of Senapati Bapat Road. Kadam alleges that the directors committed large-scale financial and document-related fraud over a span of more than four years.

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Forged Letterheads and Unpaid Work Spark Cheating Charges

According to the FIR, the alleged fraud occurred between June 27, 2019, and December 8, 2023. The directors reportedly used forged letterheads belonging to the complainant’s father’s company to fabricate fake documents. This was done, allegedly, to misrepresent agreements and bypass legitimate payment procedures.

The complainant has claimed that the accused failed to pay ₹4.88 crore for prior construction work and an additional ₹28.62 crore for extended project tasks, bringing the total unpaid dues to ₹33.51 crore.

The police have registered the case under Sections 420 (cheating), 467 (forgery of valuable security), 468 (forgery for the purpose of cheating), 471 (using forged documents as genuine), and 34 (common intention) of the Indian Penal Code (IPC).

Economic Offences Wing Takes Charge of High-Value Investigation

Given the scale of the alleged fraud, the investigation has been assigned to the Economic Offences Wing (EOW) of Pune Police. The probe is being led by Assistant Police Inspector Dattatray Waghmare, who is now gathering financial records, construction agreements, and digital evidence to build a watertight case.

Sources familiar with the probe told the Sprouts News Investigation Team (SIT) that investigators are examining whether this was an isolated incident or part of a larger pattern involving other clients or shell firms linked to the Mantra Insignia group.

The SIT has also learned that the authorities are likely to issue summons or conduct custodial interrogations soon, given the serious nature of the IPC sections invoked.

Sprouts SIT Flags Rising Pattern of Real Estate Fraud in Pune

The Sprouts News Investigation Team (SIT) notes that this case is part of a growing pattern of high-value financial frauds in Pune’s construction and development sectors. Over the last 12 months, multiple FIRs have been filed across Pune and Pimpri-Chinchwad involving forged project approvals, duplicate buyer agreements, and non-payment of contractor dues.

This new case against Mantra Insignia underscores the urgent need for stricter vetting of builder credentials, third-party contracts, and compliance audits in private real estate projects. Legal experts also argue that Maharashtra Real Estate Regulatory Authority (MahaRERA) needs to play a more active role in auditing builder-developer financials beyond the initial project registration.

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Will Criminal Charges Deter Future Offences?

As the investigation progresses, legal observers and industry insiders await whether the charges against Mantra Insignia’s directors lead to convictions or result in settlements. The outcome of this case could have broader implications for how forgery, breach of contract, and cheating in construction projects are dealt with legally.

The Sprouts SIT will continue to track the developments in this case, providing timely updates for industry stakeholders, policymakers, and the wider public.