Mumbai: The Mumbai Police Crime Branch is intensifying its probe into the alleged ₹85-crore land undervaluation scam at Lodha Developers. Investigators are now weighing the option of issuing a lookout circular (LOC) against Sahil Lodha, the son of former company director Rajendra Lodha, to prevent him from leaving the country during the investigation.
Recently, the Property Cell of the Mumbai Police Crime Branch has arrested Rajendra Narpatmal Lodha, a distant relative of real estate tycoon Mangalprabhat Lodha, in connection with an alleged ₹85 crore fraud case at Lodha Developers Pvt. Ltd.
The case was registered on September 16 at N. M. Joshi Marg police station under BNS Sections 316(5), 318(3), 336(3), 338, 340(2), 351(3), and 61(2) following a complaint by Monil Gala, Head Liaisoner at Lodha Developers Pvt. Ltd. The FIR alleges massive financial irregularities, illegal land sales, misuse of company position, and fraudulent transactions causing losses of over ₹85 crore to the company.
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