Mumbai News: EOW Probes Ex-Lodha Developers Director Rajendra Lodha For ₹49.22 Crore Transfer, Land Misuse

Mumbai police have claimed that Rajendra Lodha, former director of Lodha Developers Ltd (LDL), transferred ₹49.22 crore to his son Sahil Lodha’s account. He is also accused of transferring land reserved for a school and college in one of the company’s projects to a firm where his son was a partner, without having any authority.

Custody Extended

The Economic Offence Wing (EOW) on Tuesday obtained further custody of Lodha till September 29. The agency claimed that last week they recorded the statement of the company's vice president. He stated that in the company’s project Panacea Lodha, a portion of land was reserved for construction of schools or a college, but Lodha sold the parcel to the firm NBP Edutech LLP.

Destroyed Financial Records

The witness further disclosed that when he examined the finances of Lodha and his family, he found that Lodha had destroyed all details of their financial records.

Unauthorised Land Sales

The investigation also revealed that over the past 12 to 15 years, Lodha had sold several parcels of company land despite lacking authority. Investigators allege that these sales were made for his personal gain.

Cash Movements Captured on CCTV

Police claimed that Lodha, with the help of his employees, collected large sums of cash. CCTV footage showed employees carrying bags three to four times, which they later admitted contained cash when questioned.

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Foreign Remittances Under Probe

The agency also discovered several cash exchanges and foreign remittances involving huge sums, which remain under investigation.

Brother Removed Crucial Documents

Following Lodha’s arrest, CCTV footage from his house showed his brother Deepak removing several large bags. Investigations revealed that these bags contained crucial documents related to financial transactions and land plots.