Mumbai: Rajendra Lodha, former director of real estate firm Lodha Developers Limited, has been remanded to eight days of custody of the Enforcement Directorate in connection with an alleged cheating and money laundering case.
Lodha was arrested on February 12 following an investigation by the federal anti-money laundering agency. A special court designated under the Prevention of Money Laundering Act (PMLA) granted the agency his custody on February 13.
Allegations of Financial Irregularities
The arrest stems from a money laundering probe initiated on the basis of FIRs registered by the Mumbai Police. The complaints reportedly invoke provisions of the Bharatiya Nyaya Sanhita (BNS) related to cheating, misuse of official position, unauthorised sale of company assets and fabrication of documents.
Investigators allege that the actions caused wrongful losses exceeding ₹100 crore to the publicly listed company.
Probe into Asset Transfers
According to the Enforcement Directorate, its investigation suggests that Lodha was involved in diverting and siphoning company funds and properties. The agency claims that certain immovable assets owned by the company were allegedly sold or transferred at undervalued prices to proxy entities and individuals purportedly linked to him.
These transactions were allegedly carried out without obtaining approval from the company’s board of directors.
The probe is ongoing, and authorities are expected to examine financial records and related documentation during Lodha’s custody period.
