It IS NOT an indian/Italjet bike. The motor is a franco morini, that pipe guard is like ones used on a moto beta, the wheels I have seen used on the early Diblasi's, All italian bikes/parts BTW. It almost looks like somethign that would come from Fantic or Garelli, but I did not see anything in the albums that small over on sheldons site
While I am not sure the maker This is as close as I could come up with:
Only info on it is that it says "La Zanzara" on the seat. That may mean something overseas, but its not a bike that would be found in the states.