A big case related to real estate sector giant Lodha Developers Limited has come to light. The Enforcement Directorate has arrested former company director Rajendra Lodha in a money laundering case of Rs 85 crore. ED alleges that Rajendra Lodha misused his position and defrauded the company of crores of rupees and acquired property illegally.
taken into custody from jail itself
Rajendra Lodha was already in judicial custody since September last year in another case registered by the Crime Branch of Mumbai Police. On Thursday, the ED produced him in the PMLA court and formally arrested him. He will be produced in the court again on Friday for remand. This action has been taken on the basis of the FIR of fraud and forgery registered by Mumbai Police.
What is the whole matter?
Investigation has revealed that Rajendra Lodha, who became the director of the company in 2015, had only limited rights to acquire land. But he went beyond his jurisdiction and made many unauthorized deals.
- Family conspiracy: ED claims that Rajendra along with his son Sahil Lodha and close associates conspired to embezzle the company’s money.
- Misappropriation of cash: Fake occupiers were shown, fabricated agreements were made and company funds were withdrawn in cash.
- Benami Property: He used the company’s resources for personal gain for himself and his family and allotted flats to his associates at cheap rates without any entitlement.
Land worth Rs 10 crore sold for only Rs 48 lakh
The most shocking aspect of the scam has come to light in the purchase and sale of lands. The ED said the company’s 4,150 square meter land in Panvel, whose market value was around Rs 10 crore, was sold to a shell company for just Rs 48 lakh. Due to this the company suffered a direct loss of Rs 9.50 crore.
Further, land was first purchased through shell companies like ‘Usha Properties’ and ‘Shriram Realties’ and later sold to Lodha Developers at very high prices.
Fraud even in the name of a deceased employee
The investigating agency has found another serious case. In 2013, the land was purchased in the name of company employee Mangesh Puranik. After Mangesh’s death, that land was fraudulently transferred to the names of Lodha’s associates and then sold back to the company at huge profits. According to ED, due to all these tactics the company has suffered a total loss of more than Rs 85 crore.
