Mumbai Court Grants Extended Police Custody for Ex-Lodha Developers Executive in Financial Fraud Case

The Esplanade Court in Mumbai has approved an extension of police custody for Rajendra Lodha, who previously served as a whole-time director at Lodha Developers, as law enforcement authorities indicated they required additional time to investigate suspected financial misconduct.

Arrest and Charges

Authorities had taken Lodha into custody on September 17 following the registration of a First Information Report by the real estate development company. The FIR alleged that the former executive was involved in fraud, cheating, criminal breach of trust, and conspiracy activities.

Current Investigation Status

Law enforcement officials reported significant progress in their inquiry, with statements from seven witnesses having been formally recorded before the magistrate. Additionally, another 25 individuals have provided their depositions to the police as part of the ongoing investigation.

Key Investigation Areas

The investigating team has been focusing their efforts on several critical aspects of the case:

• Tracing the complete money trail involved in the alleged fraudulent activities
• Identifying benami or anonymous companies that may have been used in the scheme
• Following up on witness testimonies to corroborate evidence

Gold Bar Connection Under Scrutiny

During the court proceedings, investigators informed the magistrate that they needed additional time to trace gold bars that Lodha allegedly received from Hemant Bafna in exchange for cash transactions. This aspect of the case has emerged as a significant focus area for the investigation team.

Future Course of Action

The property cell of the Mumbai crime branch has indicated plans to intensify their investigation into Lodha's financial dealings. The authorities are also expected to expand their search operations to recover assets that are allegedly connected to the fraudulent activities under investigation.