Search Operations Recover Cash, Bank Balances, FDs and Digital Evidence

The searches, conducted on 12 November 2025, resulted in the recovery of cash, bank balances, fixed deposits and details of immovable properties worth several crores. Officials also seized digital devices and what they described as incriminating documents connected to the alleged laundering trail.

Case Origin: Mumbai Police FIRs Over Cheating and Forged Documents

The ED probe was initiated based on multiple FIRs filed by Mumbai Police against Rajendra Lodha and others for cheating, abuse of official position, unauthorised sale of company assets and creation of false documents under the BNS 2023.

According to the FIRs, the alleged acts caused a wrongful loss of over ₹100 crore to Lodha Developers Ltd.

ED Findings: Undervalued Property Sales, Fake MoUs and Siphoning of Company Funds

Preliminary ED investigation indicates that Rajendra Lodha allegedly diverted or siphoned assets of Lodha Developers through:

• Unauthorised sale and transfer of the company’s immovable properties at undervalued prices to proxy entities and individuals connected to him
• Executing such transactions without approval from the Board of Directors
• Fabrication of MoUs for land purchases at inflated prices
• Siphoning the inflated portion back in cash through the sellers
• Misappropriating company funds for personal or related-party benefit

The agency believes Lodha, along with associates and related entities, accumulated significant assets through these alleged fraudulent practices.

Investigation Continues

The ED stated that further investigation is underway to trace additional assets and identify the full extent of the alleged laundering network.

Also Read: ED Attaches Assets Worth ₹307 Crore Linked to Illegal Betting App ‘Fairplay’

The post ED Raids in Mumbai Uncover ₹59 Crore Assets in Probe Into Alleged Fraud at Lodha Developers appeared first on Square Feat India.