A Mumbai court has remanded former Lodha Developers director Rajendra Lodha to 14-day judicial custody in an alleged Rs 85 crore fraud involving land and TDR deals. Police claims include cash transactions, forged sales, and witness statements against him.
Mumbai: A Mumbai court on Monday sent former Lodha Developers director, Rajendra Lodha, to 14 days of judicial custody in a fraud case, refusing the police request for more custody.
Lodha, aged 59, was arrested on September 17 by the Crime Branch for allegedly causing a huge financial loss to Lodha Developers through fraudulent land and TDR (Transferable Development Rights) deals.
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Lodha was produced before Additional Chief Metropolitan Magistrate (Esplanade Court) V R Patil after completing his earlier police remand.
The police told the court that they needed more time with him because the verification of documents was still in progress. They also said that a forensic audit was going on and interrogation of the accused was necessary based on new details.
The police claimed that Lodha worked with others to sell company land and TDR at undervalued rates, which led to a loss of about Rs 85 crore to the company.
Lawyers Parvez Memon and Pranav Bhadeka from MZM Legal LLP, who represent the complainant, said,
“Statements of 29 witnesses, who have implicated Rajesh Lodha, have been recorded so far.”
The lawyers further said,
“There is a lot of material to be unearthed, forensic analysis is underway, and digital evidence is also being examined. Hence, a one-day police custody was sought.”
However, the court noted that Lodha had already been in police custody for 13 days and therefore sent him to judicial custody.
The police earlier informed the court that Lodha had allegedly taken large sums of money in cash from land deals over the past 12 to 15 years.
They cited the statements of several people close to him. His personal assistant, manager, and business developers had reportedly confirmed that he collected crores of rupees in cash from his co-accused in the matter.
His driver also gave a statement, saying,
“He transported large bags of cash for him.”
Another employee of the company told investigators that
“Rajendra Lodha illegally sold a plot of land reserved for a school/college to a company owned by his son, Sahil Lodha.”
The case has been registered under multiple sections of the Bharatiya Nyaya Sanhita (BNS), including criminal breach of trust and cheating.
According to investigators, Lodha had been serving as a director of Lodha Developers from 2013 till 2025. He was only given the authority to purchase land, but not to sell it. Despite this restriction, he allegedly joined hands with his son, Sahil Lodha, and others to sell company assets unlawfully.
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