NEW DELHI: The Enforcement Directorate (ED) announced on Monday the attachment of land parcels and other immovable assets exceeding Rs 270 crore as part of its money laundering probe against Rajendra Lodha, former director of Lodha Developers, a realty firm based in Maharashtra.
A provisional order was issued on March 26 under the Prevention of Money Laundering Act (PMLA), which values the properties at Rs 271.48 crore, according to the ED’s statement.
The attached assets include lands situated in the Panvel and Shahapur talukas of Maharashtra.
Lodha was arrested by the ED in February and is currently in judicial custody.
The ED’s investigation is linked to a Mumbai police FIR that accuses Lodha of cheating, abusing his official position, unauthorized asset sales, and creating false documents, resulting in wrongful loss to Lodha Developers Ltd.
The agency reported that Rajendra Narpatmal Lodha was allegedly involved in “diverting” and “siphoning” funds and assets from Lodha Developers.
This was purportedly done through unauthorized sales and transfers of company-owned properties at undervalued prices to related entities and individuals without Board approval, the ED alleges.
Additionally, he is accused of fabricating Memorandums of Understanding for land purchases at inflated prices, siphoning the excess cash through the sellers and ultimately misappropriating company funds.
Lodha, along with associated individuals and entities, allegedly acquired assets through fraudulent means, causing wrongful loss to the real estate firm, the agency stated.
