New Delhi – The Directorate of Enforcement (ED) seized and froze movable assets worth about 59 crore rupees after a sweep of 14 sites in Mumbai. The operation was carried out under the Prevention of Money Laundering Act (PMLA) as part of a probe into Rajendra Narpatmal Lodha and his associates.
The ED’s search uncovered large sums of cash, bank balances, fixed deposits, and a trove of documents that point to financial misconduct. Digital devices and details of immovable assets allegedly linked to the alleged fraud were also seized.
The investigation began when the Mumbai Police filed a complaint under the Bharatiya Nyaya Sanhita (BNS), 2023. The charge sheet accuses Lodha and others of cheating, abusing an official position, selling company assets without approval and forging documents that caused more than 100 crore rupees of loss to Lodha Developers Ltd (LDL), a listed real‑estate company.
According to the ED, Lodha diverted company funds by selling Lodha Developers’ property at prices far below market value to proxy entities and individuals connected to him. Investigators also found that the group fabricated Memorandums of Understanding for land purchases at inflated prices. The extra money was allegedly siphoned into cash and funneled through the original sellers, allowing Lodha and his associates to pocket company assets for personal gain.
“We have uncovered a complex web of illegal financial activity that has resulted in a wrongful loss for Lodha Developers Ltd,” the ED said. “The investigation continues, and we will share further updates as the case progresses.”
The ED is still gathering evidence, and authorities expect more details to emerge in the coming days.
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