Mumbai Police’s Crime Branch has arrested Rajendra Narpatmal Lodha, a former director of Lodha Developers Ltd, in connection with an alleged fraud of about ₹85 crore involving land irregularities and misuse of his authority within the company.
Key details of the case outline a complex web of undervalued land deals, questionable transfer of development rights (TDR) transactions and alleged misappropriation.
Lodha, who was associated with the firm since the early 1990s and formally became a director in 2015, resigned from the company effective 17 August 2025 after an internal ethics committee took up a review of his conduct.
The allegations against Lodha are extensive. He is accused of selling company-owned land parcels at deeply discounted rates, which incurred substantial losses to Lodha Developers.
In one case, a plot in Ambernath worth around ₹10 crore was allegedly sold for just ₹88 lakh. Another transaction under scrutiny involves a plot in Panvel that was sold through a firm linked to his son for ₹2.75 crore, though its real value was estimated at over ₹9 crore.
Investigators also point to a series of 35 transactions involving Transfer of Development Rights in the Kalyan-Dombivli area. These were reportedly executed at prices far below prevailing market value, leading to alleged losses of tens of crores.
Officials note that while Lodha had been given authority to acquire land on behalf of the company, he did not have approval to sell. Despite this, he is alleged to have gone ahead with unauthorized sales.
Further accusations include the use of forged MoUs and agreements, benami transactions routed through associates, and suspiciously inflated or circular transfers of cash and bank funds. These activities, according to investigators, were part of a deliberate scheme to benefit Lodha and his family at the expense of the company.
Following the registration of a First Information Report by Lodha Developers at the N.M. Joshi Marg police station, Rajendra Lodha was arrested from his Worli residence. He was presented before the court and remanded to police custody until 23 September.
The FIR also names his son Sahil Lodha and multiple associates, widening the scope of the investigation.
Lodha Developers, responding to the developments, stressed that it has a zero-tolerance policy toward misconduct regardless of seniority.
The company added that it has begun implementing recommendations from an external review to strengthen its internal oversight mechanisms.