Former director of real estate company Lodha Developers Limited (LDL), Rajendra Lodha, who was arrested by the Enforcement Directorate (ED) on February 12 in an alleged cheating case, has been sent to eight-day custody of the anti-money laundering agency. A special PMLA court on February 13 awarded Lodha’s custody to the agency.
Lodha was arrested in connection with an ongoing investigation related to cheating against the LDL, which is a public-listed entity.
The arrest was made on the basis of money laundering investigation initiated on the basis of FIRs registered by the Mumbai police against Lodha and others under various sections of the BNS for cheating, abuse of official position, unauthorised sale of assets and creation of false documents causing wrongful loss to the LDL of more than Rs 100 crore.
ED investigation revealed that Lodha was involved in alleged diverting and siphoning of funds and assets of the LDL through unauthorised sale and transfer of company-owned immovable properties at undervalued prices to proxy entities and individuals connected to him, without the approval of the board of directors.
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