Outlook Business Desk
Rajendra Lodha, former director of realty firm Lodha Developers Ltd, was taken into custody by Mumbai Police on Wednesday for allegedly defrauding the company of ₹85 crore during his tenure.
The case began after Lodha Developers filed a complaint against Rajendra Lodha, his son Sahil Lodha, and associates, accusing them of large-scale fraud, misappropriation of assets, and criminal breach of trust.
Police claim that Rajendra Lodha, whose role was limited to land acquisition, exploited his authority to conduct sales of company-owned properties without proper authorisation.
He is also accused of illegal Transferable Development Rights (TDR) trades and forging agreements, memorandums, and documents to carry out unauthorised property sales, causing significant losses to the company.
Following his arrest, Rajendra Lodha was presented in court and sent to police custody until 23 September. Authorities stated that his involvement in the alleged fraud came to light during the ongoing investigation.
Investigators claim land in Panvel, Ambernath, and Kalyan was diverted through fraudulent deals. Over 7.15 lakh square feet of TDR in Kalyan alone was sold illegally, causing a ₹49 crore direct loss.
Meanwhile, Lodha Developers confirmed the allegations, emphasising zero-tolerance for misconduct regardless of position. The company said Rajendra Lodha resigned from all roles on 17 August following an Ethics Committee review.
The company noted that Rajendra Lodha is a distant relative (fourth-degree) of its Managing Director and CEO. Police said the investigation is still ongoing to determine the full scope of the alleged fraud.