MUMBAI: On Monday, a court here placed former Lodha Developers director, Rajendra Lodha, under 14-day judicial custody following his arrest in an alleged fraud case, denying the police requests for additional remand.
Lodha appeared before Additional Chief Metropolitan Magistrate V R Patil at the conclusion of his previous remand period.
The police sought an extension of his custody, citing ongoing verification of documents related to Lodha’s financial sources gathered during their investigation.
The law enforcement agency highlighted that a forensic audit is being conducted, necessitating further interrogation of the accused based on findings from this audit.
The crime branch apprehended the 59-year-old suspect on September 17. He allegedly collaborated with others to sell company land and Transferable Development Rights (TDR) at discounted prices, resulting in an estimated loss of ₹85 crore to Lodha Developers.
Representatives from MZM Legal LLP, Advocates Parvez Memon and Pranav Bhadeka, who are representing the complainant, mentioned that statements from 29 witnesses implicating Rajesh Lodha have already been recorded.
They stated there is substantial evidence yet to be examined, including ongoing forensic analysis and digital evidence collection, warranting a day of police custody.
However, the court decided to send Lodha to judicial custody, noting that he had already endured 13 days of police remand, according to his lawyers.
The police previously informed the court that Lodha had allegedly received millions in cash through land deals over the past 12 to 15 years.
Statements from various witnesses, including the accused’s personal assistant, manager, and business developers, indicated that Lodha received substantial sums in cash from co-accused individuals.
Furthermore, the accused’s driver detailed transporting large bags of cash on Lodha’s behalf, police stated.
An employee of the firm disclosed that Rajendra Lodha unlawfully sold land designated for a school/college to a company owned by his son, Sahil Lodha, investigators reported to the court.
Lodha faces multiple charges under the Bharatiya Nyaya Sanhita, including criminal breach of trust and cheating.
According to police reports, Lodha was authorized solely to acquire land during his tenure as a director from 2013 to 2025. Nonetheless, he allegedly conspired with his son Sahil Lodha and others to fraudulently sell company assets.
