Mumbai Fraud Case: Lodha Developers Alleges ₹3.84 Crore Fraud By Former Business Development Manager, FIR Registered

Mumbai, Jan 20: Mumbai Police have registered a case against a former senior employee of Lodha Developers Limited for allegedly cheating the company of flats worth over Rs 3.84 crore by submitting false information during land acquisition deals in the Bhiwandi–Thane region.

Complaint filed by company official

The complaint has been filed by Prakash Yashwant Sawant (47), an Associate General Manager and Liaison Officer with Lodha Developers Limited.

Sawant, a resident of Sitaram Jadhav Marg, Mumbai, has been associated with the company since November 2007 and has been working as Associate General Manager since 2023. He stated that he was authorised by the company to lodge the police complaint after internal verification of records.

Role of the accused

According to the complaint, the accused, Shivaji Govindrao Jadhav (56), worked with the company as a Business Development Officer from July 9, 2007, to September 23, 2024.

His key responsibility was identifying land for acquisition, coordinating with landowners, negotiating purchases, and submitting ownership details and documents to senior management for proposed housing projects.

Alleged misrepresentation during land acquisition

Lodha Developers, formerly known as Macrotech Developers Pvt. Ltd., has been actively acquiring land for housing projects across Maharashtra, including Bhiwandi and Thane.

During this process, Jadhav allegedly presented several land parcels as viable for development, including plots at Mankoli, Anjur and Surai in the Bhiwandi–Thane belt.

The complainant alleged that in 2021, while negotiating land purchases on behalf of the company, Jadhav deliberately submitted false information by claiming that certain individuals were “encroachers/occupants” on the said lands, despite the lands being free of any such possession.

He allegedly misled senior officials by stating that these so-called occupants would have to be compensated to relinquish their rights.

Flats allegedly allotted without consideration

Based on this alleged misrepresentation, Lodha Developers was made to allot company-owned flats—without monetary consideration—to individuals falsely shown as encroachers.

The flats were located in premium Lodha projects in Thane, including Lodha Supremus, Lodha Woodlands, Lodha River View, Lodha Iris and Lodha Sireno. The total market value of the flats allegedly handed over comes to approximately Rs 3.84 crore.

Registration documents and landowners’ statements

The complaint further states that during registration of land purchase agreements at the Sub-Registrar’s Office in Bhiwandi, the names of these alleged encroachers were included in official documents, and Jadhav personally signed as a witness on behalf of Lodha Developers. Copies of the registered agreements have been submitted to the police.

Upon later verification, the original landowners reportedly informed the company that Jadhav had induced them to cooperate by falsely promising construction-related supply contracts, such as sand and building materials, once the projects commenced. The landowners have provided written statements to this effect, copies of which are part of the complaint.

Internal audit uncovers alleged fraud

Jadhav resigned from the company in September 2024, citing personal reasons. Subsequently, during an internal audit and document verification conducted by senior business executives, the alleged fraud came to light and was escalated to senior management, including the Senior Vice President.

FIR registered, investigation underway

Based on the complaint, police said that between May 2022 and September 2024, the accused abused his position of trust, prepared false documents, accepted money from the beneficiaries, and caused wrongful financial loss to Lodha Developers by illegally allotting five flats as compensation for non-existent encroachments.

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