The Mumbai Police on Wednesday arrested Rajendra Lodha, former director of Lodha Developers, for defrauding Lodha Developers Ltd. of approximately Rs 85 crore.
Lodha was taken into custody from his residence at Worli in central Mumbai by the property cell of the Mumbai Crime Branch, a senior police official was reported as saying by news agency PTI. His alleged involvement in the fraud came to the fore during the investigation, following which he was arrested, the official added.
The accused was produced in a court, which remanded him in police custody till Sept. 23, the official further said.
The case stems from a complaint lodged by Lodha Developers, one of India's largest real estate firms. Lodha, 57, his son Sahil Lodha, and several associates of were accused of misappropriation of assets, and criminal breach of trust by the company.
Lodha had resigned from the post of director of Lodha Developers last month after the company's ethics committee reviewed his conduct. Further probe in the case is underway, the official added.
Reacting to the development, Lodha Developers said in a statement, “The company maintains a strict zero-tolerance policy towards any misconduct, irrespective of the seniority or position of the individual concerned."
In August, Lodha Developers announced that Rajendra Lodha has resigned as director of the company with effect from Aug 17, 2025. The resignation was requested from the company as certain matters related to his conduct are under review by the ethics committee.
"At the company's request, Mr Rajendra Lodha resigned from all positions held within the organisation on August 17, 2025. For the sake of transparency, we note that he is a distant relative (fourth-degree) of the company's Managing Director and CEO."
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