Fresh FIR against former Lodha director over Rs 6.67 crore Mumbai flat fraud

Former Lodha Developers Ltd director Rajendra Lodha is facing fresh legal trouble after a new FIR was registered against him over an alleged Rs 6.67 crore fraud involving a South Mumbai flat. The complaint, filed by Lodha Developers, accuses him and five others of manipulating a property transaction and causing financial losses to the company.The FIR was registered by the NM Joshi Marg police station on October 22. Lodha, who is currently behind bars in connection with an earlier alleged financial fraud involving hundreds of crores of rupees, has been accused of orchestrating another fraudulent transaction dating back to 2019.India Today TV has accessed a copy of the FIR, which details how Lodha allegedly manipulated a land development agreement in Bhiwandi and linked it to the sale of a flat in the company's South Mumbai project.According to the complaint, Lodha facilitated a land development agreement with the owners of a plot in Bhiwandi in 2019 and allegedly paid Rs 8.5 lakh as brokerage for the transaction. Days later, he allegedly introduced Sacvir Builders and Developers LLP into the deal after its directors expressed interest in purchasing a flat in Lodha Developers' South Mumbai project.The flat was originally valued at Rs 6.86 crore. Lodha allegedly authorised a discount of Rs 1.5 crore, bringing its price down to Rs 5.36 crore. The directors of Sacvir Builders subsequently paid Rs 36 lakh to Lodha Developers, the FIR stated. However, the alleged fraud unfolded when Lodha communicated to the company that Sacvir Builders had acted as a broker in the Bhiwandi land deal and helped secure a clear and marketable title for the property.He allegedly valued the firm's services at Rs 5 crore and instructed the company to adjust this amount against the payment due for the South Mumbai flat. Following the completion of the necessary documentation, the flat was allotted to Sacvir Builders.The complaint further alleged that Lodha introduced another individual, identified as Nitin Narayan Keni, claiming that he was in possession of the Bhiwandi land parcel. The company was allegedly made to pay Keni Rs 17 lakh in connection with the transaction.The alleged irregularities came to light recently when Lodha Developers began scrutinising transactions carried out during Lodha's tenure. The company has alleged that Lodha, along with five others, caused a loss of Rs 6.67 crore through the transaction.The fresh FIR has been registered under Sections 318(3), 318(4), 316(5) and 3(5) of the Bharatiya Nyaya Sanhita (BNS).EARLIER FRAUD CASE INVOLVING OVER RS 370 CROREThis is not the first time Rajendra Lodha has faced allegations of financial fraud. He was arrested in September 2025 after Lodha Developers filed an FIR accusing him of defrauding the company of Rs 85 crore.The case was investigated by the Mumbai Crime Branch's Property Cell, which filed a chargesheet in December 2025. According to the chargesheet, Lodha allegedly used several methods to defraud the real estate developer. The police investigation pegged the alleged fraud at Rs 181 crore.The Enforcement Directorate (ED) subsequently launched a money laundering investigation into the case. In March, the agency told a special court in Mumbai that the alleged proceeds of crime amounted to Rs 370 crore.The ED claimed that the proceeds were generated through fraudulent land transactions, barter arrangements, cash components collected from flat buyers and the layering of funds through various entities and individuals.Lodha was subsequently arrested by the ED in connection with the alleged money laundering case.The latest FIR adds another layer to the legal troubles of the former director, who is accused of misusing his position in the company to facilitate fraudulent transactions.- Ends