By Kailash Babar
Copyright indiatimes
AgenciesLodha Group
Mumbai Police has arrested Rajendra N. Lodha, former director of realty major Lodha Developers, following the company’s complaint against him, his son Sahil Lodha, and several associates for alleged cheating, fraud, and misappropriation in land acquisition deals.Following the arrest, a local court remanded him to police custody till September 23. On Monday, Mumbai Police registered a First Information Report (FIR) at NM Joshi Marg police station against him citing criminal breach of trust, cheating, and conspiracy. The matter is being investigated by Property Cell of Mumbai police crime branch. Rajendra Lodha was arrested and produced in court on Wednesday.Rajendra Lodha, a distant relative of the listed company’s CEO Abhishek Lodha, oversaw land acquisitions in parts of Thane district for several years.According to the complaint filed by the company, he has misused his position to siphon funds and amass personal wealth. An internal audit flagged irregularities in one of his transactions. When asked to provide details of his assets, he initially refused, then resigned as director and promoter.Advocate Zulfiquar Memon and Advocate Parvez Memon of MZM Legal appeared along with Niranjan Mundargi for the complainant Lodha Developers.Live EventsThe complaint noted that in 2022, Rajendra Lodha arranged a Memorandum of Understanding for 10 acres of land in Panvel, adjusting the Rs 3.03 crore payment against a flat, although the land was never owned by the seller. Lodha Developers never purchased the plot, the complaint said.In Kalyan, land purchased by Lodha Developers in 2013 was transferred to an associate without company approval and later sold back to the company at a marked-up price of Rs 2.65 crore.Multiple sales of company-owned land were executed at throwaway prices, causing losses of around Rs 27 crore, the complaint added.This includes a 1.46-acre Ambernath land parcel sold for Rs 88 lakh, which was later acquired by the government for Rs 10.88 crore; a Rs 10-crore Kalyan plot sold to Usha Enterprises for Rs 48 lakh, with the company alleging Rajendra and Sahil are benami owners. The list of deals also includes a Rs 9-crore plot sold to NBP Edutech for Rs 2.75 crore, where Sahil Lodha is a founding partner.Rajendra Lodha also sold 7.15 lakh sq ft of Transferable Development Rights in Bhopar at roughly 30% below market value, with the alleged cash difference pocketed. Large sums, including Rs 2 crore shown as broker fees, were allegedly routed back to Rajendra in cash, the FIR said. Add as a Reliable and Trusted News Source Add Now!
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