Former director held for duping Lodha developers of Rs 85 cr in Mumbai

Mumbai Police spokesperson DCP Raj Tilak Roushan said, “He was produced before the court on Wednesday and remanded in police custody till September 23.”

The company, in its complaint to the Mumbai police, alleged that the accused were involved in large-scale fraud by misappropriation of assets, undervaluing land deals and engaging in illegal Transferable Development Rights (TDR) transactions.

The allegations made by the complainant include that misusing his position as director, Rajendra Lodha, a distant relative of CEO, Abhishek Mangal Prabhat Lodha, indulged in several wrongful acts.
The company alleged that being responsible for land acquisition in some parts of Thane district for many years, he allegedly crafted several strategies to siphon huge sums and amass personal wealth. While doing so, he ensured that none of the moves were detected before now.

The company further alleged in the complaint filed with Mumbai police, an internal audit review recently found something amiss in one of the transactions by Rajendra Lodha and reported it to the management.

The management conducted a preliminary investigation and asked Rajendra Lodha to submit details of his assets and investments.

Initially he refused to submit the details and instead said he would resign, the company alleged.
Several days later, he submitted his resignation from the post of director and promoter of the company.

The FIR mentioned several instances and modus operandi allegedly deployed by Rajendra Lodha and his son, who was also in employment of Lodha Developers for some time.

The company further alleged that the entire team involved in matters pertaining to land in the region reported to Rajendra Lodha and acted on his instructions.

An officer said that they have the custody of the accused and will question him regarding the allegations.

The police added that the arrested accused had also allegedly threatened the complainant after the fraud came to light.