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The Enforcement Directorate has attached immovable assets worth over INR 270 crore linked to Rajendra Lodha, former director of Lodha Developers, in a money laundering case. The action follows allegations of unauthorised sale of company assets, diversion of funds, and creation of fake documents that led to financial losses. The assets, mainly land parcels in Maharashtra, were attached under the Prevention of Money Laundering Act. The case is based on a Mumbai Police FIR, and the accused is currently in judicial custody as investigations continue.
The Enforcement Directorate (ED) has provisionally attached immovable assets worth around INR 271.48 crore belonging to Rajendra Lodha, a former director of Lodha Developers, in connection with an ongoing money laundering investigation. Advertisement
The action was taken under the provisions of the Prevention of Money Laundering Act. The attached assets mainly include land parcels located in Panvel and Shahapur in Maharashtra. These properties are believed to be linked to proceeds of crime identified during the investigation.
The case is based on an FIR registered by Mumbai Police against Lodha and others. The complaint had alleged cheating, criminal breach of trust, misuse of position, and unauthorised sale of company-owned assets, which caused financial losses to the company.
As per the findings of the agency, Lodha was involved in selling company properties without taking required approvals from the board. These assets were reportedly transferred at undervalued prices to entities and individuals connected to him. This raised concerns about conflict of interest and improper handling of company resources.
The probe further revealed that fabricated agreements were created in certain land transactions. In some cases, land parcels were shown as being purchased at inflated values, while the excess amount was allegedly taken back in cash through intermediaries. This method was used to divert funds and misappropriate company money.
Investigators also found that such transactions were carried out over a period of time, indicating a pattern rather than isolated instances. The attached properties are suspected to be part of assets created using these diverted funds.
Lodha had been arrested earlier in connection with the case and is currently in judicial custody. Earlier actions in the investigation had also led to the seizure of movable assets and documents linked to the alleged financial irregularities.
The ED is continuing its probe to identify additional assets and examine the role of other individuals and entities that may have been involved in these transactions. The agency is also reviewing financial records and property deals to establish the full extent of the alleged diversion of funds.
Source PTI
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