Advertisement
Rajendra Lodha, former Director of Lodha Developers, is under police investigation for alleged financial misconduct and fraudulent land dealings. Authorities claim he accepted large sums of cash from property transactions over more than a decade and sold company land, including a plot reserved for educational use, to his son's firm without authorisation. Investigators say these actions, along with undervalued sales of land and Transferable Development Rights (TDR), caused losses of about INR 85 crore to the company. His custody has been extended as police pursue forensic audits, gold bar recovery, and verification of money transfers.
The Mumbai crime branch has brought serious charges against Rajendra Lodha, who served as a director at Lodha Developers between 2013 and 2025. He was taken into custody by police last week following allegations of fraudulent real estate transactions. Officials told the court that he had no authority to sell company land but still went ahead with deals that benefitted his family and associates. Advertisement
Investigators said Lodha received cash worth millions of rupees from various land transactions carried out over the past 12 to 15 years. Statements from his personal assistant, manager, business developers, and even his driver have been collected. His driver claimed to have transported large bags of cash for him on several occasions. Witnesses also confirmed that Lodha handled deals in cash that were never officially recorded.
Police told the court that Lodha sold a plot meant for a school or college to a company owned by his son, Sahil Lodha. They further alleged that more than INR 49.22 crore was transferred into Sahil Lodha's bank account, requiring closer scrutiny through a forensic audit. In addition to financial transfers, investigators pointed out that Lodha allegedly accepted gold bars from businessman Hemant Bafna in exchange for cash, which have not yet been traced.
Evidence presented also included CCTV footage from Lodha's residential building showing his brother, Deepak Lodha, carrying three bags shortly after the arrest. Investigators believe this raises the possibility of evidence being removed or destroyed. Police requested more time to investigate these links and to track the suspected movement of assets.
The court extended Lodha's custody until the following week after hearing the prosecution's arguments. Advocates Parvez Memon and Zulfiquar Memon of MZM Legal LLP, representing the complainant, said the probe required additional time due to the complex nature of the financial records. The complaint had been filed by Monil Dhanji Gala, head of Liaison at Lodha Developers.
Police emphasised that Lodha's role as a director only authorised him to acquire land for the company, not to sell it. Despite this, he allegedly colluded with his son and others to sell land and TDRs at reduced prices, which led to a reported loss of INR 85 crore to Lodha Developers. He has been booked under several provisions of the Bharatiya Nyaya Sanhita, including those related to cheating and criminal breach of trust.
Source PTI
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
