Former Lodha Developers Director Faces New Fraud Charges
Rajendra Lodha faces fresh legal action over alleged property transaction manipulation in Mumbai.
1Fresh Legal Charges Filed
Mumbai Police registered a new FIR against former Lodha Developers director Rajendra Lodha on October 22. The complaint alleges a 6.67 crore rupee fraud involving a South Mumbai flat transaction. Lodha, currently incarcerated for previous financial misconduct, is accused alongside five others of manipulating property deals to cause substantial company losses.
22019 Transaction Irregularities
The investigation centers on a 2019 land development agreement in Bhiwandi. Lodha allegedly paid 8.5 lakh rupees in brokerage before introducing Sacvir Builders to the project. The firm was granted a 1.5 crore rupee discount on a 6.86 crore rupee flat, which Lodha later offset against fabricated brokerage service fees.
3Layering and Misappropriation
Lodha allegedly claimed Sacvir Builders provided marketable title services for the Bhiwandi land, valuing their work at 5 crore rupees. He instructed the company to adjust this against the flat price. Additionally, he facilitated a 17 lakh rupee payment to Nitin Narayan Keni, who purportedly possessed the land parcel in question.
4Internal Audit Discovery
These irregularities emerged during a recent internal review of transactions conducted during Lodha's tenure. Lodha served as a director from September 2013 until his resignation on August 18, 2025. The company's ethics committee reviewed his conduct, leading to his departure after more than three decades of professional association with the real estate developer.
5Previous Fraud Allegations
This FIR follows a significant September 2025 arrest regarding an 85 crore rupee fraud case. The Mumbai Crime Branch later filed a chargesheet in December 2025, with police investigations estimating the total alleged fraud at 181 crore rupees. Lodha remains in custody while these multiple legal proceedings against him continue to progress.
6Money Laundering Investigation
The Enforcement Directorate initiated a separate money laundering probe into the matter. In March, the agency informed a special Mumbai court that proceeds of crime reached 370 crore rupees. These funds were allegedly generated through fraudulent land deals, barter arrangements, and cash components collected from buyers, then layered through various complex entities.
7Professional Background Context
Rajendra Lodha is a civil engineering graduate from MBM Engineering College, University of Jodhpur. He spent his entire career at Lodha Developers, accumulating over thirty years of experience in property development. His deep involvement across various operational aspects of the company provided the platform for the alleged financial misappropriations currently under judicial scrutiny.
8Judicial Status and Impact
While the allegations remain to be proven in court, the cumulative legal pressure on Lodha highlights significant governance failures. The transition from internal ethics reviews to multi-agency criminal investigations underscores the scale of the financial discrepancies. The ongoing legal battles reflect the company's efforts to recover losses and ensure accountability for past actions.
Original article: mint - industry — Former Lodha Developers Director Faces New Fraud Charges