A Mumbai court remanded former Lodha Developers director Rajendra Lodha to 14 days of judicial custody on Monday, rejecting police requests for extended remand in an alleged fraud case involving the sale of company assets. The 59-year-old was produced before Additional Chief Metropolitan Magistrate V R Patil at Esplanade Court at the conclusion of his prior police custody. The decision follows Lodha's arrest by the crime branch on September 17, amid investigations into financial irregularities that reportedly caused the company a loss of Rs 85 crore.

Lodha, who served as a director from 2013 to 2025, faces charges under multiple sections of the Bharatiya Nyaya Sanhita, including criminal breach of trust and cheating. Authorities allege he colluded with associates, including his son Sahil Lodha, to sell company land and Transferable Development Rights (TDR) at undervalued prices, despite his role being limited to land acquisition. Witnesses, including Lodha's personal assistant, manager, business developers, and driver, have provided statements implicating him in receiving crores of rupees in cash from these deals over the past 12 to 15 years. One employee claimed Lodha illegally transferred a plot reserved for a school or college to a firm owned by his son.

The police sought an additional day of custody to continue verifying documents related to Lodha's financial sources and to interrogate him based on ongoing forensic audits and digital evidence analysis. Advocates for the complainant, Parvez Memon and Pranav Bhadeka of MZM Legal LLP, noted that statements from 29 witnesses have already been recorded, with substantial material still under examination. However, the court observed that Lodha had already spent 13 days in police remand and prioritised judicial oversight.

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Lodha Developers, a prominent real estate firm founded by Mangal Prabhat Lodha, has been at the centre of this scandal, highlighting vulnerabilities in corporate governance within India's booming property sector. As the probe deepens, the case underscores the need for stricter oversight of internal transactions to prevent such breaches. Lodha will remain in custody while investigations proceed, with further hearings pending.

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