Mumbai crime branch arrests ex-director Rajendra N Lodha in Rs 85 crore Lodha Developers ‘fraud’ case | Mumbai News
MUMBAI: Mumbai’s crime branch has arrested Rajendra N. Lodha, 57, along with several others, for allegedly cheating Lodha Developers of Rs 85 crore. The case stems from a complaint lodged by Lodha Developers Ltd., one of India’s largest real estate firms. The company accused its former director, Rajendra Narpatmal Lodha, his son Sahil Lodha, and several associates of large-scale fraud, misappropriation of assets, and criminal breach of trust amounting to nearly Rs 85 crore. Police said Rajendra Lodha, who had authority only to acquire land on behalf of the company, allegedly abused his position by carrying out unauthorised sales of company-owned properties. He is also accused of undervaluing land deals and engaging in illegal Transferable Development Rights (TDR) transactions.
