Mumbai: The Enforcement Directorate (ED) has seized and frozen movable assets worth approximately Rs 59 crore, including cash, bank balances, and fixed deposits, along with incriminating documents, digital devices and details of immovable assets valued at several crores, in an alleged money laundering probe against former Lodha Developers Ltd director Rajendra Narpatmal Lodha and others.
The ED conducted search operations on Wednesday at 14 locations across Mumbai under the Prevention of Money Laundering Act (PMLA), 2002, as part of the ongoing investigation.
The ED said the probe was initiated based on FIRs filed by the Mumbai Police against Lodha and others for alleged cheating, abuse of official position, unauthorised sale of assets, and creation of false documents, which caused losses exceeding Rs 100 crore to the public-listed company.
Investigations revealed that Lodha was allegedly involved in diverting company funds and assets through unauthorised sale and transfer of company-owned immovable properties at undervalued prices to proxy entities and associates, without the approval of the Board of Directors. He was also allegedly involved in fabricating Memorandums of Understanding (MoUs) for land purchases at inflated prices, siphoning the excess amounts as cash through the sellers, thereby allegedly misappropriating company funds.
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The ED further noted that Lodha, along with related persons, associates, and entities, allegedly accumulated assets through these fraudulent activities, causing significant wrongful loss to Lodha Developers Ltd.
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