Lodha Developers' Former Director Arrested In Rs 85 Crore Fraud Case
Mumbai Police's Crime Branch has arrested Rajendra Narpatmal Lodha, a former director of Lodha Developers Limited, for his alleged involvement in a fraud worth Rs 85 crore, officials said on Wednesday.
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Rajendra Lodha was arrested by Mumbai Police's Crime Branch at his Worli residence. (Representational)
Mumbai:
The Crime Branch of Mumbai Police has apprehended Rajendra Narpatmal Lodha, who previously served as a director at Lodha Developers Limited, for his alleged participation in a fraud case amounting to Rs 85 crore, as confirmed by officials on Wednesday.
The property cell of Mumbai Police's Crime Branch conducted the arrest at his residence in Worli.
The investigation was initiated after Lodha Developers, one of the country's premier real estate firms, lodged a complaint against Rajendra Lodha, his son Sahil Lodha, and several collaborators, accusing them of extensive fraud, asset misappropriation, and criminal breach of trust.
According to police allegations, Rajendra Lodha, whose authority was limited to land acquisition for the company, abused his position by conducting unauthorized sales of properties owned by the company.
Additional accusations include deliberately undervaluing land transactions and involvement in illegal Transferable Development Rights (TDR) deals.
After his arrest, Rajendra Lodha appeared before a court, which remanded him to police custody until September 23.
Police officials revealed that his suspected involvement in the fraud came to light during their investigation.
Investigators claim Lodha fabricated agreements, Memorandums of Understanding (MoUs), and various other documents to facilitate these fraudulent transactions.
The complaint details how land in Panvel, Ambernath, and Kalyan was diverted through deceptive deals, while fake bookings and cash transactions were recorded in the company's flagship project, Lodha New Cuffe Parade.
In Bhopar village, Kalyan, approximately 7.15 lakh square feet of TDR was allegedly sold illegally, resulting in a direct loss of around Rs 49 crore.
Lodha Developers verified these developments in an official statement. The company emphasized its zero-tolerance stance on misconduct, regardless of the individual's seniority or position.
The firm also noted that Rajendra Lodha had resigned from all positions on August 17 at the company's request, following a review of his conduct by its Ethics Committee.
The company further clarified that Rajendra Lodha is a distant relative—a fourth-degree connection—of its Managing Director and CEO. Police indicated that the investigation into the case is ongoing.