Director's Deceptive Deals: Unraveling the Rs 85 Crore Real Estate Money Laundering Web

A former director of Lodha Developers Ltd, Rajendra Lodha, has been sent to ED custody in a Rs 85 crore money laundering case involving cheating and forgery. Accusations include unauthorized transactions, land deals at undervalued rates, and misuse of company resources for personal benefit.

A Mumbai court has remanded Rajendra Lodha, former director of Lodha Developers Ltd, to Enforcement Directorate custody in connection with a Rs 85 crore money laundering investigation. Accused of overstepping his role and orchestrating unauthorized transactions, Lodha is alleged to have laundered proceeds of crime in collusion with his associates.

The ED has detailed Lodha's misuse of authority to divert company funds, engage in benami transactions, and orchestrate fraudulent land deals at undervalued prices. Lodha allegedly exploited fabricated agreements to benefit family-linked entities, causing wrongful gain and significant financial loss to Lodha Developers.

Key allegations include the manipulated resale of land to Lodha Developers at inflated prices and deceitful possession deals. A land parcel, fraudulently transferred posthumously, underscores the extent of Lodha's deceptive strategies, which allegedly yielded personal profit at the company's expense.

(With inputs from agencies.)