ED Arrests Former Lodha Developers Director In ₹85-Crore Money Laundering Case

The Enforcement Directorate (ED) has arrested Rajendra Lodha, former director of Mumbai-based real estate firm Lodha Developers, in connection with an alleged ₹85-crore money laundering scam, officials said on Thursday.

The arrest follows a criminal complaint filed by Lodha Developers after the company detected large-scale financial irregularities last year. Rajendra Lodha had earlier been arrested by the Mumbai Police in a related case.

According to investigators, Rajendra Lodha and several others allegedly siphoned off company funds through complex transactions, including fake land acquisitions, resale of company-owned land, and undervaluation of assets. The case first surfaced in September 2025 when the company approached the Mumbai Crime Branch’s property cell, triggering a detailed probe.

Authorities allege that cash and gold were diverted under the guise of land deals, causing significant losses to the firm. Seven witnesses have recorded statements before a magistrate, while around 40 others have given statements to the police. One key witness, Rajendra Lodha’s driver, claimed he collected ₹1 crore in cash from two locations in Mumbai and handed it over to Rajendra, who later deposited the money into his accounts.

Investigators also allege that a prime plot owned by Lodha Developers was sold at a throwaway price to a company linked to Rajendra Lodha’s son. Digital evidence recovered from his electronic devices reportedly points to large cash transactions and the creation of multiple benami companies to route funds.

In a related development, officials seized documents and cash ledgers from the residence of Rajendra Lodha’s brother, Deepak Lodha, after CCTV footage allegedly showed him removing large bags from the accused’s home. These materials are currently under examination.

The ED has conducted searches at several locations linked to the accused and recorded statements of multiple suspects. With court permission, Rajendra Lodha was taken into ED custody from judicial custody and is expected to be produced before a Special PMLA Court for further remand.

A spokesperson for Lodha Developers said the company is fully cooperating with the investigation, adding that the alleged fraud could be “only the tip of the iceberg,” with internal inquiries still underway.