ED raids former Lodha Developers director in ₹85cr fraud case
What's the story
The Enforcement Directorate (ED) is conducting searches at 14 locations, including the home and offices of Rajendra Lodha, a former director of Lodha Developers Ltd. The action is part of a money laundering investigation against him. The probe was launched after an FIR was filed by Lodha Developers Ltd (now Macrotech Developers), accusing Rajendra of defrauding the company of around ₹85 crore over several years.
Accusations
Allegations of fraud and deceit
The complaint against Rajendra alleges fraudulent undervaluation and concealment in multiple land transactions. It is claimed that he misused his official position to cheat the company. He was arrested by the Mumbai Police Crime Branch in September this year. Further investigation into these allegations is ongoing, with searches being conducted to trace evidence of his alleged crimes.
Misconduct
Bogus land deals and other fraudulent activities
During his tenure as a company director, Rajendra was allegedly involved in bogus land acquisition and reselling the land to Lodha Developers. He also allegedly sold the company's land to other builders at a highly deflated price, among other fraudulent activities. These actions are said to have caused a loss of ₹85 crore to the company.