The Mumbai Police have arrested Rajendra Lodha, former director of Lodha Developers Limited, in connection with a massive financial fraud that allegedly caused losses of nearly ₹85 crore to the company.
According to the complaint lodged by the real estate giant, Lodha misused his position between September 2013 and August 2025 by conspiring with his son Sahil Lodha and associates linked to Usha Properties. The company has accused him of selling its land parcels and Transferable Development Rights (TDR) at throwaway prices, despite being authorised only to purchase land and not to sell it.
Investigators say Lodha forged agreements, MoUs and other documents to facilitate the transactions. The complaint highlights that land in Panvel, Ambernath and Kalyan was siphoned off through fraudulent deals, while fake bookings and cash transactions were shown in the company’s marquee project Lodha New Cuffe Parade. In Bhopar village, Kalyan, over 7.15 lakh square feet of TDR was allegedly sold illegally, causing a direct loss of around ₹49 crore.
The company further alleged that the ill-gotten gains were diverted into shell firms and benami assets. It has also accused Lodha of threatening the management, warning that if action was taken against him, the directors would be “finished.”
Along with Lodha and his son, names of Bharat Narsana, Nitin Wador and Ritesh Narsana of Usha Properties have surfaced in the case. Some company employees and vendors are also suspected to have assisted in the fraudulent dealings.
The company has submitted documents, emails, powers of attorney and land agreements to the police as evidence. Based on this material, Rajendra Lodha was taken into custody and produced before the court, which remanded him to police custody till September 23.