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A Mumbai sessions court has denied bail to Rajendra Lodha, former director of Lodha Developers, in connection with an alleged INR 181 crore corporate land fraud case. The court held that the material collected during the investigation indicated his prima facie involvement in the alleged conspiracy and observed that economic offences undermine public confidence in commercial and financial institutions. The court also noted that the investigation remains incomplete, with an auditor's report still awaited, and expressed concerns that the accused could influence witnesses if released. The case relates to alleged irregularities in land transactions and misuse of fiduciary responsibilities while serving as a director of the company.
A Mumbai sessions court has rejected the bail application of Rajendra Lodha, former director of Lodha Developers, in an alleged INR 181 crore corporate land fraud case, observing that the investigation is still in progress and that the accusations involve serious economic offences affecting public confidence in commercial institutions. The order was passed on Monday by Additional Sessions Judge P. A. Sable.
The court noted that the material collected during the investigation indicated, at this stage, Rajendra Lodha's alleged pivotal role in the conspiracy. It observed that the accusations relate to an alleged abuse of fiduciary authority and involve significant financial implications, making the matter distinct from ordinary criminal offences.
While rejecting the bail plea, the court said the investigation had not yet been completed and that a crucial auditor's report remained pending. The judge held that releasing the accused at this stage could adversely affect the ongoing investigation and raised concerns about the possibility of influencing witnesses, given the accused's position and influence.
The prosecution opposed the bail application, contending that Rajendra Lodha played a central role in the alleged conspiracy involving fraudulent land transactions valued at approximately INR 181 crore. It argued that custodial investigation remained necessary to establish the complete chain of events and examine the financial transactions under scrutiny.
The court observed that economic offences involving corporate entities have wider implications beyond the immediate parties, as they have the potential to erode confidence in financial and commercial institutions. Considering the nature of the allegations, the stage of investigation and the pending evidence, it concluded that the accused had not made out a case for grant of bail.
The alleged fraud pertains to land transactions involving Lodha Developers, where investigators have accused the former director of participating in a conspiracy that resulted in wrongful financial gains and losses to the company. The investigation into the matter is continuing, with authorities examining documentary evidence, financial records and the pending audit findings before filing further proceedings.
Source - PTI
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