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The Enforcement Directorate (ED) carried out searches in 14 premises across Mumbai and Thane this week in connection with a money-laundering probe linked to Rajendra Lodha, former director of Lodha Developers Ltd (now Macrotech Developers Ltd). He is accused of defrauding the company of about INR 85 crore between 2013 and 2025 through unauthorised land deals, undervalued plot sales, bogus acquisitions and misuse of development rights. The raids were aimed at tracing proceeds of crime and identifying assets acquired through diverted funds.
The Enforcement Directorate conducted searches at 14 locations in Mumbai and Thane in its ongoing investigation into former Lodha Developers Ltd director Rajendra Lodha. The action stems from an FIR filed by the company, which alleged that between 2013 and 2025 Lodha misused his position to orchestrate unauthorised land transactions, sold plots at substantially undervalued prices, and entered into bogus acquisitions causing losses to the company of around INR 85 crore. Advertisement
Investigators found instances including a plot in Ambernath's Naharen village sold for INR 0.88 crore despite the company's book value being about INR 10 crore, and 35 transactions involving transfer of development rights worth over INR 49 crore executed at throw-away rates. One case mentioned that Lodha and his son allegedly diverted nearly INR 17 crore (in cash and bank payments) between April 2022 and May 2023 to a firm they controlled.
Premises searched included residential and office locations of Lodha's associates, one of which was linked to a former MLA's brother in Dombivli. The ED seized several documents, financial records, and digital data to trace the money trail and identify companies that may have been used to conceal funds.
Rajendra Lodha had been arrested earlier this year by the Mumbai Police Crime Branch in connection with the same case. The ED is coordinating with other investigative agencies to locate assets purchased using diverted funds and to examine whether the money was layered through multiple entities.
Lodha Developers (previously Macrotech) has stated that it is fully cooperating with the investigation and has described the detected irregularities as 'only the tip of the iceberg' indicating that more discrepancies could be uncovered as the internal review continues.
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