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ED raids 14 sites in probe against ex-Lodha Developers director, seizes Rs 59 crore
According to the ED, Lodha diverted and siphoned off company funds and assets by unauthorisedly selling and transferring company-owned properties at undervalued prices to proxy entities and individuals connected to him—without approval from the Board of Directors
The Directorate of Enforcement (ED), Mumbai Zonal Office, conducted search operations on November 12 under the Prevention of Money Laundering Act (PMLA), 2002, at 14 locations across the Mumbai region as part of its ongoing probe against Rajendra Narpatmal Lodha, former director of Lodha Developers Ltd, and others.
During the searches, ED officials seized movable assets worth approximately Rs 59 crore, including cash, bank balances, fixed deposits, as well as incriminating documents, digital devices and details of immovable assets valued at several crores.
The money-laundering investigation was initiated on the basis of FIRs registered by the Mumbai Police against Lodha and others under various sections of the Bharatiya Nyaya Sanhita (BNS) 2023 for cheating, abuse of official position, unauthorised sale of assets and creation of false documents, causing an alleged wrongful loss of over Rs 100 crore to Lodha Developers Ltd, a publicly listed company.
According to the ED, Lodha diverted and siphoned off company funds and assets by unauthorisedly selling and transferring company-owned properties at undervalued prices to proxy entities and individuals connected to him—without approval from the Board of Directors. He also allegedly fabricated MoUs for land purchases at inflated prices and siphoned off the inflated portion in cash through sellers, thereby misappropriating company funds.
The ED said Lodha, along with associates, relatives and connected entities, accumulated assets through these fraudulent activities, causing significant loss to Lodha Developers Ltd.
Further investigation is underway.
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