ED Raids 14 Locations In ₹85-Crore Fraud Case Involving Former Lodha Developers Director

Mumbai: The Enforcement Directorate (ED) has registered an Enforcement Case Information Report (ECIR) against former Lodha Developers Ltd director Rajendra Lodha and several others in connection with an alleged Rs 85 crore corporate fraud under the Prevention of Money Laundering Act (PMLA).

Officials said the agency carried out searches on Wednesday at 14 locations across Mumbai and Thane, including Worli, Ghatkopar, Borivali, Thane, and Dombivli, as part of its probe into alleged money laundering, unauthorised property sales, and financial irregularities. The searches covered premises linked to Lodha Developers Ltd, as well as residential and commercial properties of several associates and firms allegedly involved in facilitating fraudulent land and property transactions. Among the locations searched was the Dombivali residence and office of Vinod Patil, the brother of MNS leader and former MLA Raju Patil, who is also an accused in the case.

According to ED sources, the searches were aimed at tracing the alleged proceeds of crime and identifying entities linked to the suspicious transactions. During the operation, the ED seized several incriminating documents, financial records, and digital evidence, which are now being analysed to track the flow of funds and determine the ultimate beneficiaries.

The ED action reportedly stems from an FIR filed by Lodha Developers (now Macrotech Developers Ltd) in September, which alleged that Rajendra Lodha misused his position between 2013 and 2025 to defraud the company of around Rs 85 crore through unauthorised property sales, undervalued land deals, and illegal Transferable Development Rights (TDR) transactions, causing significant losses. Lodha was earlier arrested by the Mumbai Police Crime Branch in connection with the case.

Investigators said the New Cuffe Parade project in Wadala has emerged as a key link in the alleged fraud. According to the FIR, Flat A/3603 in Tower 11, booked by Nilesh Chandrabhan Agarwal for around Rs 3.10 crore, was used in a forged agreement. Lodha and his son Sahil Lodha allegedly claimed that the company needed to pay Rs 3.03 crore to Agarwal to vacate land in Nitals village in Panvel, which he did not legally own. The amount was reportedly diverted in cash by the Lodhas, causing a direct loss of Rs 3.03 crore to the company.

The ED case also details multiple financial irregularities. In the TDR scam, 34 transactions totalling 7.15 lakh sq.ft. granted by the Kalyan-Dombivli Municipal Corporation were executed in cash at Rs 685 per sq.ft., significantly below market value, resulting in an estimated loss of around Rs 20 crore. Vinod Patil was one of the key conspirators in this case along with Lodha and his son. A 1.46-acre plot in Ambarnath's Naharen village, was sold by Lodha for Rs 88 lakh without proper authority. The land, located on the proposed Virar–Alibaug multimodal corridor, was expected to earn compensation of about Rs 10 crore from the government. Ten months later, the buyer received Rs 10.88 crore, causing a loss of roughly Rs 10 crore to the company.

In another instance, a 4,150 sq.m. plot in Panvel's Shirdon village, was allegedly sold by Rajendra and Sahil Lodha to their benami company, Usha Properties, for only Rs 48 lakh, resulting in a loss of around Rs 10 crore. Similarly, a 3,630 sq.m. plot in Panvel's Bhopar village, was sold to a benami company, N.B.P. Agrotech Infratech LLP, at a price Rs 6.25 crore below market value.

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In addition, a land repurchase scam involved company land registered in the name of a deceased employee’s wife, purchased through an associate for Rs 5 lakh and later sold back to Lodha Developers Ltd for Rs 2.65 crore, causing a further loss.

The search was underway till the time this report was published.