Mumbai ED Attaches Lodha Assets Worth Fifty Nine Crore Rupees Today

 The Enforcement Directorate (ED) has provisionally attached assets worth approximately ₹59 crore as part of its ongoing investigation into alleged financial irregularities by developer Rajendra Lodha, linked to significant losses to Lodha Developers Limited (LDL). The attachment follows evidence suggesting the former board member orchestrated unauthorised transactions resulting in financial detriment exceeding ₹100 crore.

During extensive searches conducted across 14 locations in Mumbai and surrounding areas, the ED seized movable assets including cash, bank balances, fixed deposits, alongside digital devices and key documents. Officials also identified potential immovable assets believed to be worth several crore rupees. The operations focused on individuals connected to Lodha under suspicion of aiding the alleged misappropriation.Rajendra Lodha, who joined LDL in 1990 and became a director in 2015, was entrusted with purchasing land on behalf of the company but lacked approval to sell. Police filed a complaint in September 2025, naming Lodha and ten associates, including family members and business partners. The FIR alleges the accused sold company-owned properties at undervalued rates, breaching fiduciary duties and creating false documentation to siphon funds.

“The investigation indicates that assets were systematically diverted through proxy entities and unauthorised transactions without board consent,” an ED official said. Investigators detailed instances where memorandums of understanding (MoUs) were allegedly fabricated for land acquisitions at inflated rates, with profits channelled illicitly to private accounts.One notable transaction involved a 5,900-square-metre plot near the upcoming Virar-Alibaug multi-modal corridor. Lodha sold the property for ₹88 lakh in August 2023, only for it to be resold within ten months for ₹10.88 crore, suggesting substantial gain from undervaluation. LDL only became aware of Lodha’s undisclosed property holdings in mid-2025, prompting queries that were followed by his resignation.

Industry experts note that high-profile corporate fraud cases such as this highlight the critical need for stringent governance, transparent land transactions, and robust compliance measures in India’s real estate sector. The ED’s action underscores ongoing regulatory scrutiny aimed at safeguarding stakeholder interests and preserving market integrity.The attached assets now fall under provisional control, pending further legal and investigative proceedings, signalling the authorities’ commitment to recouping misappropriated funds and holding accountable those involved in complex corporate malfeasance.

Mumbai ED Attaches Lodha Assets Worth Fifty Nine Crore Rupees Today