**Mumbai Police Allege ₹49.22 Crore Transfer by Former Lodha Developers Director**
Mumbai police have claimed that Rajendra Lodha, former director of Lodha Developers Ltd (LDL), transferred ₹49.22 crore to his son Sahil Lodha’s account. Additionally, he is accused of transferring land reserved for a school and college in one of LDL’s projects to a firm where his son was a partner, allegedly without any authority.
**Custody Extended Till September 29**
The Economic Offence Wing (EOW) on Tuesday secured further custody of Rajendra Lodha until September 29. The agency stated that last week they recorded a statement from the company’s vice president. According to the statement, in the company’s Panacea Lodha project, a portion of land was reserved for the construction of schools or a college. However, Lodha reportedly sold this parcel to NBP Edutech LLP, a firm linked to his son.
**Destroyed Financial Records Discovered**
The witness further revealed that upon examining the financial records of Lodha and his family, it was found that Lodha had destroyed all details related to their financial transactions. This act has raised significant concerns among investigators.
**Unauthorized Land Sales Over Years**
Investigations also revealed that over the past 12 to 15 years, Lodha had sold several parcels of company land without having the necessary authority. Authorities allege these sales were conducted for his personal benefit, bypassing proper company protocols.
**Cash Movements Captured on CCTV**
Police stated that Lodha, with assistance from his employees, collected large sums of cash. CCTV footage shows employees carrying bags multiple times—three to four instances—which they later admitted contained cash when questioned by the police.
**Foreign Remittances Under Investigation**
The Economic Offence Wing has also uncovered several suspicious cash exchanges and foreign remittances involving substantial amounts of money. These transactions are currently under further investigation to determine their legality and source.
**Brother Removed Crucial Documents After Arrest**
Following Rajendra Lodha’s arrest, CCTV footage from his residence captured his brother, Deepak Lodha, removing several large bags. Investigators revealed that these bags contained important documents related to financial transactions and land plots, which are critical to the ongoing investigation.
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The investigation into Rajendra Lodha and his activities at Lodha Developers Ltd continues, as authorities work to uncover the full extent of the alleged financial irregularities and unauthorized land dealings.
https://www.freepressjournal.in/mumbai/mumbai-news-eow-probes-ex-lodha-developers-director-rajendra-lodha-for-4922-crore-transfer-land-misuse