Lodha Ex-Director Fraud Case: Land Sale to Son

Mumbai, Sep 23 (PTI) Former director of Lodha Developers, Rajendra Lodha, arrested in a case of alleged fraud, received millions of rupees in cash from land deals and sold a plot to his son's firm without having the authority to do so, police told a court here on Tuesday.
The investigating officials made the claims while seeking his further remand. Lodha's custody was extended till September 29 by Additional Chief Metropolitan Magistrate (Esplanade court) V R Patil.
The 59-year-old accused was arrested on September 17 by the crime branch of Mumbai police. He is accused of colluding with others to sell company land and Transferable Development Rights (TDR) at reduced rates, causing an estimated loss of Rs 85 crore to the company, Lodha Developers.
He was produced before the court at the end of his previous remand on Tuesday. Police sought his further remand for seven days, citing a need for more time to unravel the complex web of financial transactions and locate potential evidence.
Lodha allegedly received millions of rupees in cash from land deals over the past 12-15 years, police said, citing the statements of witnesses including the accused's personal assistant, manager, and business developers.
The accused's driver also stated that he transported large bags of cash for him, police claimed.
An employee of the firm stated that Rajendra Lodha illegally sold a plot of land reserved for a school/college to a company owned by his son, Sahil Lodha, the investigators told the court.

CCTV footage from Lodha's building showed his brother, Deepak Lodha, leaving with three bags on the evening of his arrest, raising suspicion of evidence disposal, police said.
Police also need to recover gold bars that the accused allegedly received in exchange for cash from one Hemant Bafna, and investigate his real estate investments, the court was told.
A forensic audit of financial transactions, especially the transfer of more than Rs 49.22 crore to his son's bank account, was needed, the police said.

The court, after hearing the prosecution's arguments, extended Lodha's police custody till September 29, said advocates Parvez Memon and Zulfiquar Memon of MZM Legal LLP, representing the complainant.
The complaint was filed by Monil Dhanji Gala, head of Liaison at Lodha Developers.
Lodha faces charges under multiple sections of the Bharatiya Nyaya Sanhita including criminal breach of trust and cheating.
According to police, Lodha, who served as a director from 2013 to 2025, was only authorized to acquire land, not sell it. Despite this, he is alleged to have partnered with his son Sahil Lodha and others to sell company assets fraudulently.