On Monday, a court here placed former Lodha Developers director, Rajendra Lodha, who was arrested in connection with an alleged fraud case, into 14-day judicial custody, rejecting the police’s request for further remand.
Lodha appeared before Additional Chief Metropolitan Magistrate (Esplanade court) V R Patil following the conclusion of his previous remand. The police requested an extension of his custody, arguing that the verification of documents obtained during the investigation into Lodha’s financial sources is still ongoing.
They contended that a forensic audit is currently being conducted, and the accused must be interrogated based on the information derived from it. The crime branch apprehended the 59-year-old individual on September 17. He is alleged to have conspired with others to sell company land and Transferable Development Rights (TDR) at significantly reduced prices, resulting in an estimated loss of Rs 85 crore to Lodha Developers.
Advocates Parvez Memon and Pranav Bhadeka from MZM Legal LLP, representing the complainant, indicated that statements from 29 witnesses implicating Rajesh Lodha have been recorded thus far. There is substantial material yet to be uncovered, forensic analysis is ongoing, and digital evidence is also under examination. Therefore, they requested a one-day police custody.
However, the court ordered Lodha to be placed in judicial custody, noting that he had already been in police remand for 13 days, according to the lawyers. Previously, the police informed the court that Lodha allegedly received millions of rupees in cash from land transactions over the last 12 to 15 years. The investigative agency referenced statements from witnesses, including the accused’s personal assistant, manager, and business developers, who have claimed that Lodha received crores of rupees in cash from co-accused individuals in the case.
A representative of the firm reported that Rajendra Lodha unlawfully sold a parcel of land designated for a school or college to a company owned by his son, Sahil Lodha, as informed to the court by the investigators.
Lodha is facing allegations under various sections of the Bharatiya Nyaya Sanhita, which include charges of criminal breach of trust and cheating. As per the police, Lodha, who held the position of director from 2013 to 2025, was only permitted to acquire land, not to sell it. Nevertheless, he is accused of colluding with his son Sahil Lodha and others to fraudulently sell the company’s assets.
