The Enforcement Directorate has arrested Rajendra Narpatmal Lodha, a former director at Lodha Developers, under the Prevention of Money Laundering Act. This arrest is part of an investigation into an alleged cheating case involving losses exceeding Rs 100 crore for the real estate company. A Special PMLA Court in Mumbai has remanded the accused to eight days of ED custody to aid further inquiry.
The ED’s action stems from a money laundering inquiry initiated based on FIRs filed by the Mumbai Police against Lodha and others. Allegations include cheating, abuse of position, unauthorized sale of assets, and creation of forged documents under the Bharatiya Nyaya Sanhita, 2023. The agency claims that these actions led to a wrongful loss of over Rs 100 crore for Lodha Developers.
According to the ED, Rajendra Lodha is accused of diverting company funds and assets through unauthorized sales and transfers of company-owned properties at undervalued rates to entities and individuals associated with him. The agency alleges that he did this without the board of directors’ approval. Additionally, Lodha is said to have fabricated memorandums of understanding for land purchases at inflated prices and siphoned off the excess amounts in cash through sellers, thus misappropriating company funds.
The Enforcement Directorate stated that Lodha, in collaboration with associates and related entities, amassed assets through fraudulent transactions that resulted in substantial losses for the company. Earlier in the investigation, the ED conducted searches at 14 locations in the Mumbai region, seizing or freezing assets valued at around Rs 88 crore in the form of cash, bank balances, and fixed deposits. The officials also recovered documents, digital devices, and details of immovable properties worth several crores, providing crucial evidence for the case. The investigation into this matter is ongoing.
