MUMBAI: Rajendra Lodha, former director of Lodha Developers, was arrested for alleged fraud. Authorities claim he received large sums of cash from land transactions and sold a plot to his son’s company without proper authorization.
During a court hearing on Tuesday, police requested his further remand as they seek to delve deeper into the complexities of the financial transactions involved. The Additional Chief Metropolitan Magistrate V R Patil extended Lodha’s custody until September 29.
The 59-year-old suspect was taken into custody on September 17 by the Mumbai police’s crime branch. He has been accused of colluding with others to sell company land and Transferable Development Rights (TDR) at significantly reduced prices, resulting in an estimated loss of ₹85 crore to Lodha Developers.
In court, police explained that over the past 12-15 years, Lodha allegedly accumulated millions in cash through land deals, as indicated by witness testimonies, including statements from his personal assistant, manager, and business developers. His driver reported transporting large amounts of cash for him.
According to investigators, Lodha illegally sold a piece of land that was designated for a school or college to his son Sahil Lodha’s firm. CCTV footage showed his brother, Deepak Lodha, leaving the building with three bags the evening of the arrest, leading police to suspect evidence tampering.
Police are also working to recover gold bars that Lodha allegedly received in exchange for cash from an individual named Hemant Bafna and are investigating other real estate investments tied to him. A forensic audit is ongoing, particularly concerning a transfer exceeding ₹49.22 crore to his son’s bank account.
Following the prosecution’s arguments, the court has granted an extension of Lodha’s police custody until September 29, as outlined by advocates Parvez Memon and Zulfiquar Memon of MZM Legal LLP, who represent the complainant.
The complaint was submitted by Monil Dhanji Gala, head of Liaison at Lodha Developers. Lodha faces multiple charges under the Bharatiya Nyaya Sanhita for criminal breach of trust and cheating.
Police noted that Lodha, who served as a director from 2013 to 2025, was only authorized to acquire land, not to sell it. Nevertheless, he allegedly conspired with his son Sahil Lodha and others to unlawfully sell company assets.
