Mumbai, July 6: The sessions court has refused to grant bail to Rajendra Lodha, former director of Lodha Developers Ltd. (LDL), who was arrested by the Mumbai Police for allegedly cheating the company. The court noted that the investigation is still in progress and that he may influence witnesses.
Lodha Seeks Bail
Lodha sought bail, claiming that he is innocent and has been falsely implicated. It was submitted that the prosecution's case is entirely documentary in nature and that no material establishes Lodha's criminal intent.
It was further contended that every act performed by him was within the authority conferred by the Board of Directors and in accordance with the resolutions passed by the company.
It was also contended that the trial is not likely to commence in the near future, considering that about 80 witnesses have been cited, and that continued incarceration would amount to pre-trial punishment.
Raising medical grounds, it was contended that Lodha is suffering from serious ailments, including diabetes, coronary artery disease, hypertension, and has undergone bypass surgery.
Prosecution Opposes Plea
The plea was opposed by the prosecution as well as by senior counsel Pranav Badheka, appearing on behalf of the complainant. Badheka contended that “the applicant is the principal architect of a well-planned conspiracy extending over a decade whereby lands belonging to the complainant company were dishonestly alienated by abusing the authority entrusted to him.”
It was contended that the magnitude of the fraud is enormous and that the loss presently quantified exceeds Rs 181 crore and is likely to increase upon completion of further investigation, the prosecution and the complainant submitted.
Court Cites Gravity Of Charges
The court considered the objections and observed: “The material collected during investigation prima facie discloses that the applicant, while occupying a fiduciary position as Director of the complainant company, is alleged to have abused the authority entrusted to him by entering into a series of unauthorised transactions relating to valuable immovable properties of the company in conspiracy with the co-accused.”
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“Having regard to the nature and gravity of the accusations, the magnitude of the alleged financial loss, the applicant's alleged pivotal role in the conspiracy, the pendency of further investigation, and the likelihood of influencing material witnesses, the period of incarceration by itself does not persuade this Court to enlarge the applicant on bail at this stage,” the court said while rejecting Lodha's plea.
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