Former Lodha Director Rajendra Lodha Arrested For Allegedly Cheating LDL In ₹100 Crore Land Scam

Police investigating the alleged scam involving Rajendra Lodha, former whole-time director of Lodha Developers Ltd (LDL), found that he allegedly sold the company’s own land back to the firm, making a personal profit from the deal.

The case concerns a land parcel measuring 8,850 sq mtrs in Shirdon, Panvel, which LDL acquired from Aparna Puranik and her children in 2017. Aparna was the wife of Mangesh Puranik, a former LDL employee who held the plot in his name since 2013 for the company. After his death in 2016, the land records showed his wife and children as owners. At the time of acquisition, Aparna signed a power of attorney (POA) in favor of Lodha.

Transactions and Alleged Profiteering

In June 2022, Lodha allegedly used the POA and sold the land parcel to his business associate Ritesh Narsana for Rs 5 lakh through three agreements stating that LDL had purchased the land in 2017 but could not develop it.

Subsequently, in October 2024, Lodha allegedly made LDL repurchase the same land from Narsana for Rs 2.65 crore, profiting from the transaction.

Incomplete Disclosure and Breach of Fiduciary Duty

LDL first became aware of Lodha’s actions on July 23, when he made an incomplete disclosure of interests outside the company to the company secretary. By law, directors must reveal their and their family members’ business interests elsewhere. LDL discovered discrepancies against publicly available data from the Ministry of Corporate Affairs (MCA) and other sources.

“Given the breach of fiduciary responsibilities, LDL asked Lodha to furnish his asset details on July 31, which he allegedly refused, stating he would rather resign,” sources said.

Resignation, Enquiry and Arrest

Afterwards, LDL sought his resignation from the board, and Lodha resigned citing health reasons. The ethics committee of LDL initiated a preliminary enquiry, uncovering multiple instances of alleged fraud involving almost Rs 100 crore.

LDL filed a complaint with Mumbai Police, and an FIR was lodged on September 16. Lodha was arrested on September 17 by the Mumbai Crime Branch and remanded in police custody until September 23.