Lodha Developers' Former Director Arrested In Rs 85 Crore Fraud Case

(MENAFN- IANS) New Delhi, Sep 17 (IANS) 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.

The arrest was made from his Worli residence by the property cell of the Mumbai Police's Crime Branch.

The case began after Lodha Developers, one of India's largest real estate companies, filed a complaint accusing Rajendra Lodha, his son Sahil Lodha, and several associates of large-scale fraud, misappropriation of assets, and criminal breach of trust.

Police allege that Rajendra Lodha, who was authorised only to acquire land for the company, misused his position to carry out unauthorised sales of company-owned properties.

He is also accused of undervaluing land deals and being involved in illegal Transferable Development Rights (TDR) transactions.

Following his arrest, Rajendra Lodha was produced before a court, which sent him to police custody till September 23.

Police officials said his alleged role in the fraud was uncovered during the investigation.

Investigators say Lodha forged agreements, MoUs and other documents to facilitate the transactions.

The complaint highlights that land in Panvel, Ambernath and Kalyan was siphoned off through fraudulent deals, while fake bookings and cash transactions were shown in the company's marquee project, Lodha New Cuffe Parade.

In Bhopar village, Kalyan, over 7.15 lakh square feet of TDR was allegedly sold illegally, causing a direct loss of around Rs 49 crore.

Lodha Developers confirmed the development in an official statement. The company said it maintains a zero-tolerance policy towards misconduct, regardless of the seniority or position of the individual involved.

The firm added that Rajendra Lodha had resigned from all positions on August 17, at the company's request, after its Ethics Committee reviewed his conduct.

The company also clarified that Rajendra Lodha is a distant relative, a fourth-degree connection, of its Managing Director and CEO. Police said further investigation into the case is underway.

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