Mumbai News: Special PMLA Court Grants Interim Bail To Ex-Lodha Developers Director Rajendra Lodha Until February 24 For Mother’s Last Rites

Mumbai, Feb 20: The special PMLA court on Friday granted interim bail to Rajendra Lodha, former director of Lodha Developers Ltd (LDL), till February 24, to attend to last rites and other related rituals after the demise of his mother.

Lodha was arrested by the Enforcement Directorate last week and was remanded to ED custody till Friday. On Friday, the ED did not press for his custody, following which he was remanded to judicial custody. His lawyer thereafter sought interim bail to attend his mother's last rites and related rituals.

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Considering the plea, the court, on humanitarian grounds, allowed his plea and granted him interim bail till February 24. The court has, however, asked him to surrender before the Superintendent, Arthur Road Jail, on February 24 at 6.00 p.m. without fail.

ED alleges diversion of company funds

According to the ED, “Lodha, in conspiracy with his son and other associates, abused his fiduciary position and fraudulently executed unauthorised transactions, causing substantial wrongful loss to the company.”

He orchestrated diversion of company funds through bogus possession holders and fabricated MoUs, withdrew funds in cash, and unlawfully alienated company land and TDRs at undervalued rates, the ED claimed.

The ED has claimed that the proceeds of crime generated through various illegal means, including cash received against sale of TDR, siphoning of funds through fictitious brokerage transactions and bogus possession and barter deals, were utilised for acquisition of agricultural lands in the name of Usha Properties, purchase of gold bars, and further layering of funds through family members and associate entities, the agency said.

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The agency's investigation revealed that, instead of acquiring lands directly in the name of LDL, Lodha devised a fraudulent modus operandi whereby lands intended for the company were first purchased through front entities – Usha Properties and Shreeram Realties – which were created, controlled and managed by his associates, with part consideration paid in unaccounted cash sourced from diverted company funds.

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