Mumbai: Former director of Lodha Developers, Rajendra Lodha, was produced before the special PMLA court on Friday and remanded to Enforcement Directorate (ED) custody till February 20. Lodha was arrested on Thursday in a money laundering case related to a Rs 85-crore fraud case. Seeking his custody, special public prosecutor Sunil Gonsalves, for the ED, submitted that Lodha abused his position as a director, in conspiracy with his son and other associates, between 2021 and 2025 by executing unauthorised transactions. These actions allegedly included the sale of company-owned land and Transferable Development Rights (TDRs) at significantly undervalued rates, causing a reported wrongful loss to the company exceeding Rs 85 crore. “He was authorised only to purchase land on behalf of the company and was never vested with powers to sell land, dispose of company assets, or alienate TDRs. Although he was designated as a promoter in April 2021 after acquiring a nominal shareholding, no additional authority was conferred upon him,” the ED said.
