Daijiworld Media Network - Mumbai
Mumbai, Sep 18: The Crime Branch of Mumbai Police has arrested Rajendra Narpatmal Lodha, a former director of Lodha Developers Limited, in connection with a massive fraud case amounting to Rs 85 crore, officials confirmed on Wednesday.
The arrest was carried out at Lodha’s Worli residence by the Property Cell of the Crime Branch, following a detailed complaint filed by Lodha Developers — one of India’s largest real estate companies.
According to police, Rajendra Lodha, his son Sahil Lodha, and several associates are accused of large-scale fraud, criminal breach of trust, and misappropriation of assets. Investigators allege that Lodha, who was authorised only to acquire land for the company, instead misused his position by conducting unauthorised sales of company-owned properties, undervaluing land deals, and engaging in illegal Transferable Development Rights (TDR) transactions.
Police said he forged agreements, MoUs, and other documents to push through these transactions. The probe revealed that land parcels in Panvel, Ambernath, and Kalyan were siphoned off through fraudulent deals, while fake bookings and cash transactions were shown in the company’s flagship Lodha New Cuffe Parade project.
In one case, over 7.15 lakh sq. ft. of TDR was allegedly sold illegally in Bhopar village, Kalyan, causing direct losses of nearly Rs 49 crore to the company.
Rajendra Lodha was produced before a court on Wednesday, which remanded him to police custody till September 23.
Company Reacts
In an official statement, Lodha Developers confirmed the arrest and stressed that it maintains a “zero-tolerance policy towards misconduct, irrespective of the individual’s position or seniority.” The firm revealed that Rajendra Lodha had already resigned from all positions on August 17, after its Ethics Committee reviewed his conduct.
The company also clarified that Rajendra Lodha is only a distant relative — a fourth-degree connection — of its Managing Director and CEO.
Police stated that further investigation is underway to trace the money trail and identify all beneficiaries of the fraudulent deals.