Former director of real estate firm arrested in fraud case

Mumbai, Sept 17 (PTI) A former director of a prominent real estate firm was arrested on Wednesday for allegedly misusing his official position to defraud the company of Rs 85 crore, Mumbai Police said.

The accused, identified as Rajendra Lodha, worked as a director of Lodha Developers Ltd from September 2013 to August 18, 2025. He resigned after the company's ethics committee reviewed his conduct, an official said.

The complainant claimed that Lodha misused his official position to cheat the company.

His alleged involvement in the fraud came to light during the investigation of a case registered at the NM Joshi Marg police station, the officer said.

He was picked up from his residence in Worli by the crime branch's property cell, a senior officer said.

He was produced in a court, which remanded him in police custody till September 23, the official said.

During his tenure as a company director, Lodha was allegedly involved in bogus land acquisition, reselling the land to Lodha Developers, selling the company’s land to other builders for a highly deflated price, and other fraudulent activities, causing Rs 85 crore loss, as per the FIR.

Further investigation is underway, the official added.

Reacting to the development, Lodha Developers said in a statement, "The company maintains a strict zero-tolerance policy towards any misconduct, irrespective of the seniority or position of the individual concerned.

"At the company's request, Mr Rajendra Lodha resigned from all positions held within the organization on August 17, 2025. For the sake of transparency, we note that he is a distant relative (fourth-degree) of the company's Managing Director and CEO." PTI DC NR NSK