ED Attaches ₹271 Crore Assets In Fraud Probe

Mumbai, March 30: The Enforcement Directorate (ED) has provisionally attached immovable assets worth Rs 271.48 crore in a money laundering probe linked to alleged cheating and fund diversion involving a listed real estate company.

Assets attached under PMLA

The attached assets, comprising land parcels in Panvel and Shahapur talukas of Maharashtra, were attached on March 26 under provisions of the Prevention of Money Laundering Act (PMLA). The action is part of an ongoing investigation against Rajendra Lodha and his associates.

FIRs and nature of allegations

The probe stems from FIRs registered by the Mumbai Police under sections of the Bharatiya Nyaya Sanhita (BNS), 2023, for offences including alleged cheating, abuse of official position, unauthorised sale of assets, and creation of forged documents, causing wrongful loss to the company.

Alleged fund diversion and transactions

The probe revealed that Lodha siphoned off funds and assets of Lodha Developers Ltd through unauthorised sale and transfer of company-owned immovable properties at undervalued prices. These were transferred to proxy entities and individuals linked to him without approval from the company’s Board of Directors.

The agency further alleged that he fabricated Memorandums of Understanding (MoUs) for land purchases at inflated prices and siphoned off the inflated component in cash through sellers, thereby misappropriating company funds.

“Investigation has revealed that Rajendra Lodha, along with his associates and related entities, accumulated assets through fraudulent activities, resulting in wrongful loss to the company,” the ED said.

Earlier searches and seizures

Earlier in the probe, the ED had conducted searches at 14 locations across the Mumbai region on November 12, 2025, leading to seizure and freezing of assets worth around Rs 88 crore.

Also Watch: