Mumbai Police have filed a fresh First Information Report (FIR) against Rajendra Lodha, a former director of Lodha Developers, and five other individuals. The complaint, lodged by Lodha Developers themselves, details alleged financial irregularities amounting to ₹6.67 crore, involving a high-value flat in Lower Parel and a land transaction in Bhiwandi, Thane district.
The FIR was registered at Mumbai’s NM Joshi Marg police station on October 22, focusing on transactions from 2019. These include a land development agreement and the sale of a flat within the company’s prestigious Lodha Park project.
Disputed Lower Parel Flat Transaction
According to the complaint, a luxury flat in the Lower Parel project, initially valued at ₹6.86 crore, was sold to Sacvir Builders and Developers LLP for ₹5.36 crore. This represented a significant discount of ₹1.5 crore from its reported market valuation.
Lodha Developers alleged that Sacvir Builders paid an initial ₹36 lakh, leading to a dispute over the remaining balance. Rajendra Lodha reportedly claimed that Sacvir Builders had provided brokerage services for a separate land development deal in Bhiwandi, valued at ₹5 crore. Lodha allegedly instructed the company to adjust this brokerage amount against the outstanding payment for the flat. Lodha Developers contends this arrangement resulted in a direct financial loss to the company, as the transaction was completed despite the payment dispute.
Investigators are expected to scrutinize the property’s valuation, the legitimacy of the brokerage claim, and the circumstances surrounding the flat's allotment.
Bhiwandi Land Deal Also Under Scrutiny
The FIR also brings into question a separate land transaction in the Mankoli area of Bhiwandi. The complaint states that Rajendra Lodha introduced Nitin Narayan Keni as the owner of the land, leading Lodha Developers to pay Keni ₹17 lakh in connection with the deal.
Lodha Developers alleges that the combined financial impact of the Lower Parel flat deal and the Bhiwandi land transaction amounts to the ₹6.67 crore loss. Police are currently investigating these allegations and the specific roles played by all individuals named in the complaint.