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MUMBAI: Mumbai Police announced the arrest of a former director from a leading real estate firm on Wednesday for allegedly abusing his official role to defraud the company of ₹85 crore.
The accused, Rajendra Lodha, served as a director at Lodha Developers Ltd from September 2013 until his resignation on August 18, 2025, which followed an ethics committee review of his conduct.
The complaint alleges that Lodha exploited his position to deceive the company.
The fraud allegations emerged during the investigation of a case reported at the NM Joshi Marg police station, according to an officer’s statement. Lodha was apprehended at his residence in Worli by the crime branch’s property unit, a senior officer revealed.
He was subsequently presented in court and remanded to police custody until September 23, an official added.
During his time as director, Lodha is believed to have been involved in fraudulent activities including phony land acquisitions, reselling land back to Lodha Developers, and undervaluing the sale of company land to other builders—leading to an overall loss of ₹85 crore, as outlined in the FIR.
Investigations are ongoing, the official confirmed.
In response to the arrest, Lodha Developers stated, “We uphold a rigorous zero-tolerance policy against any form of misconduct, regardless of the individual’s rank or role.” The company also emphasized that Rajendra Lodha is only a distant relative (fourth-degree) of the Managing Director and CEO.
