Lodha Developers’ ex-director sold land at cheap rates, arrested in ₹85-Cr scam

Rajendra Lodha began working with LDL in 1990, and became a director of the company in 2015. From 2021, he also became a promoter and was given the right to purchase land for the group though not to sell land

MUMBAI: The Mumbai crime branch’s property cell on Wednesday arrested Rajendra Narpatmal Lodha and several others after a case was registered against them by Lodha Developers Limited for cheating the company while Rajendra was on its board of directors. The accused was produced in court and sent to police custody till September 23.

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In the FIR registered on Tuesday at N M Joshi Marg police station, it was alleged that Rajendra sold several Lodha properties at cheap rates, causing a loss of ₹85 crore to the company. “We have registered a case against him, his son Sahil, Bharat Narsana, Nitin Wador, Ritesh Narsana, Nisha Menon, Neha Desai, Amit Kamble, Sujit Kumar Singh and Vinod Patil,” said a police officer. “Some of them are employees of the company who helped him.”

Rajendra Lodha began working with LDL in 1990, and became a director of the company in 2015. From 2021, he also became a promoter and was given the right to purchase land for the group though not to sell land.

In July 2025, the Lodha group learnt that Rajendra owned more property than his known source of income and asked him to furnish details, after which he resigned. “LDL has learnt that his net worth is worth ₹400 crore,” said the police officer. “CEO Abhishek Lodha was even threatened by Bharat Narsana, who met him on behalf of Rajendra.”

Among the alleged under-valuations perpetrated by him was a 5,900-square-metre plot of land which he sold in August 2023 to one Sulakshana Jadhav for ₹88 lakh. “The Virar-Alibaug Multi-Modal Corridor Project will pass by the land, taking its value up,” said the police officer. “Jadhav sold the land in ten months for ₹10.88 crore.”

In 2022, when Rajendra was working as a partner with NBP Edutech Infotech LLP, while still with Lodha Developers, he sold a land parcel in Bhopar village in Panvel for ₹2.75 crore to the company. The value of the land was ₹9 crore and a loss of ₹6.25 crore was thus caused to Lodha Developers. Rajendra’s son, Sahil, is also a partner in NBP Edutech Infotech LLP.

In 2022-23, Rajendra sold a land parcel in Shirdon village in Panvel to Usha Developers, suspected to be a benami company of his, for ₹48 lakh, causing a loss of ₹10 crore to Lodha. He also sold around 7,15,000 square feet of TDR obtained from the Kalyan-Dombivli Municipal Corporation at a much lower price than the prevailing market rate in 35 transactions and thus caused Lodha Developers a loss of ₹49 crore.

“Rajendra Lodha and his son Sahil declared assets worth ₹130 crore to the income-tax authorities,” said the police officer. “Lodha Developers Limited has learnt that their total property is worth ₹400 crore. We have registered an offence under Sections 316 (criminal breach of trust), 318 (cheating), 336 (forgery), 338 (forgery of valuable security, will, etc), 340 (using forged document or electronic record and using it as genuine) and 351 (criminal intimidation) of the Bharatiya Nyaya Sanhita.”

In a statement, Lodha Developers Limited on Wednesday informed the BSE that in continuation of its intimation dated August 18, 2025 about the resignation of Rajendra Lodha as a director of the company, it had decided to refer the matter to the appropriate authorities for investigation.

“The Company maintains a strict zero-tolerance policy towards any misconduct, irrespective of the seniority or position of the individual concerned,” said the statement. “…In light of this incident, the Company has carried out a comprehensive review of its processes in areas related to his role with an independent external firm and their recommendations are being implemented with immediate effect.”