Mumbai News: Ex-Lodha Developers Director Rajendra Lodha Accused Of Inflating Land Deals Worth ₹68.35 Crore, Remanded To Judicial Custody

Mumbai: The Mumbai police has alleged that Rajendra Lodha, former director of Lodha Developers Ltd (LDL) has allegedly purchased around 21 properties for LDL for 68.35 crores in total from Usha properties. However, it is alleged that Usha properties had purchased these properties only for 26.61 crores just a few months before they were sold to LDL.

EOW Opposes Bail, Court Sends Lodha To Judicial Custody

Lodha was on Monday produced before the metropolitan magistrate court, Esplanade court, wherein he has been remanded to judicial custody. The Economic Offences Wing (EOW), on Monday had sought Lodha’s custody for one day but the court remanded him to judicial custody.

Suspicious Property Transactions Under Scanner

EOW, on Monday mentioned about the deals between Usha properties and Lodha. The prosecution claimed that they had examined around 21 documents of the properties which were purchased through Usha properties.

It is claimed that Usha properties had purchased those properties and had sold them within 1 to 6 months to LDL at a much higher price. The properties in total were purchased by Usha properties from the land owners for the consideration of 26.61 crores in total. However, in the short span, the properties were sold at a higher rate to LDL and LDL has in total paid Rs 68.35 crores in total for 26.61 crores.

Besides, the prosecution claimed that Lodha was authorized to purchase the properties for LDL but it was found that he had signed as a witness and made Babusingh Rajguru sign as a purchaser of the properties.

Financial Links Between Lodha’s Family And Usha Properties

Besides, the prosecution further said that Lodha’s son Sahil has several financial deals with Usha properties. EOW had noticed that huge amounts were deposited in the accounts of Usha properties from the account of Sahil. Hence, the prosecution claimed that Lodha has hence cheated LDL further for Rs 38.85 crores.

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Pattern Of Misuse Of Authority Alleged By EOW

Lodha is accused to have cheated LDL wherein it is alleged that in the past 12 to 15 years, Lodha had sold off several parcels of land of the company even when he had no authority. Further, it is revealed that he had allegedly sold land for his personal gain.

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