Mumbai News: Ex-Lodha Developers Director Rajendra Lodha Accused Of Inflating Land Deals Worth ₹68.35 Crore, Remanded To Judicial Custody
**Mumbai Police Alleges Rajendra Lodha in Suspicious Property Transactions Worth Crores**
The Mumbai police have alleged that Rajendra Lodha, former director of Lodha Developers Ltd (LDL), purchased around 21 properties for LDL from Usha Properties at a total cost of ₹68.35 crores. However, it is claimed that Usha Properties had acquired these same properties only a few months earlier for ₹26.61 crores.
### EOW Opposes Bail; Court Sends Lodha to Judicial Custody
On Monday, Rajendra Lodha was produced before the metropolitan magistrate court at Esplanade, where he was remanded to judicial custody. The Economic Offences Wing (EOW) had sought his custody for one day, but the court extended it to judicial custody considering the seriousness of the case.
### Suspicious Property Transactions Under Scanner
The EOW highlighted the suspicious deals between Usha Properties and Lodha. Examination of approximately 21 property documents revealed that Usha Properties had purchased these properties from landowners between one to six months prior, paying a total consideration of ₹26.61 crores. Shortly after, these properties were sold to LDL at significantly inflated prices, totaling ₹68.35 crores.
Although Lodha was authorized to purchase properties for LDL, it was found that he signed as a witness while Babusingh Rajguru was made the purchaser on the documents, raising concerns of fraudulent activity.
### Financial Links Between Lodha’s Family and Usha Properties
Further investigations revealed financial connections between Lodha’s family and Usha Properties. The prosecution pointed out that Lodha’s son, Sahil Lodha, has multiple financial transactions with Usha Properties. Large sums were deposited into Usha Properties’ accounts from Sahil’s account, suggesting possible collusion.
As a result, the prosecution alleges that Rajendra Lodha has cheated LDL to the tune of ₹38.85 crores through these transactions.
### Pattern of Alleged Misuse of Authority
Lodha is accused of cheating LDL over the past 12 to 15 years by selling several parcels of company land without authorization. It is further alleged that these sales were made for his personal gain, in breach of his fiduciary duties.
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https://www.freepressjournal.in/mumbai/mumbai-news-ex-lodha-developers-director-rajendra-lodha-accused-of-inflating-land-deals-worth-6835-crore-remanded-to-judicial-custody
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