Ex-director of Lodha Developers sent to 14-day judicial custody in fraud case

Mumbai, Sep 29 (PTI) A court here on Monday remanded former director of Lodha Developers, Rajendra Lodha, arrested in a case of alleged fraud, to 14-day judicial custody, denying police further remand.

Lodha was produced before Additional Chief Metropolitan Magistrate (Esplanade court) V R Patil at the end of his previous remand.

The police pleaded for extension of his custody on the ground that the process of verifying documents obtained during the investigation into Lodha's financial sources is still underway.

The police argued that a forensic audit is currently in progress, and the accused needs to be interrogated based on the information received from it.

The crime branch arrested the 59-year-old accused on September 17. He is accused of colluding with others to sell company land and Transferable Development Rights (TDR) at reduced rates, causing an estimated loss of Rs 85 crore to Lodha Developers.

Advocates Parvez Memon and Pranav Bhadeka of MZM Legal LLP, representing the complainant, said that statements of 29 witnesses, who have implicated Rajesh Lodha, have been recorded so far.

There is a lot of material to be unearthed, forensic analysis is underway, and digital evidence is also being examined. Hence, a one-day police custody was sought, they said.

However, the court sent Lodha to judicial custody, observing that he had already been in police remand for 13 days, the lawyers said.

The police had earlier informed the court that Lodha allegedly received millions of rupees in cash from land deals over the past 12 to 15 years.

The probe agency cited the statements of witnesses, including the accused's personal assistant, manager, and business developers, who have stated that Lodha received crores of rupees in cash from the co-accused in the case.

The accused's driver has also stated that he transported large bags of cash for him, police had said.

An employee of the firm stated that Rajendra Lodha illegally sold a plot of land reserved for a school/college to a company owned by his son, Sahil Lodha, the investigators had told the court.

Lodha faces charges under multiple sections of the Bharatiya Nyaya Sanhita, including criminal breach of trust and cheating.

According to police, Lodha, who served as a director from 2013 to 2025, was only authorised to acquire land, not sell it. Despite this, he is alleged to have partnered with his son Sahil Lodha and others to sell company assets fraudulently. PTI AVI ARU