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The incident took place around 11.50 pm on April 6 on the construction site of a new residential building being constructed at Raywadi Road in Loni Kalbhor. An FIR in the case was registered on Tuesday.
A group of eight Class 12 students from Gendibai Tarachand Chopda College in Chinchwad had visited a tourist spot on Thursday morning when the incident occurred, the police said. A search is on for the missing student.
A group of friends from a local college had visited the backwaters of the dam on Tuesday evening when the incident took place.
Police have identified the deceased as Mohit Hemant Saraf (30), a native of Madhya Pradesh's Sagar district, who worked for an Information Technology (IT) company in Pune.