The Mumbai Police Crime Branch is intensifying its investigation into the alleged ₹85-crore Lodha Developers land undervaluation scam, with a particular focus now on Sahil Lodha, son of former Lodha Developers director Rajendra Lodha. Sahil has been named as a co-accused in the case, yet has repeatedly failed to comply with the summons for questioning. His absence has raised red flags among investigators, prompting them to seriously consider issuing a lookout notice, a legal measure typically employed to prevent suspects from absconding abroad while under investigation.
The case first gained traction last week when Rajendra Lodha was arrested by the Crime Branch following a complaint filed by Lodha Developers Ltd itself. The complaint accused Rajendra, Sahil, and others of orchestrating fraudulent undervaluation in multiple land transactions. Central to the FIR is a February 7, 2023, land deal in which Rajendra Lodha transferred 0.90 acres in Bhopar village, Dombivli, to NBP Edutech Infratech LLP, a firm where Sahil is listed as a partner. The transaction was recorded at a sale price of ₹2.75 crore, a figure sharply lower than the Inspector General of Registration and Stamps (IGR) valuation of over ₹9 crore. Market assessments suggested that the land’s actual worth was close to ₹20 crore per acre, raising strong suspicions of intentional undervaluation.
Beyond the undervaluation itself, investigators have highlighted other concerning aspects of the deal. The complaint accused Rajendra of deliberately concealing the related-party nature of the transaction, a move seen as a breach of corporate governance standards. Furthermore, the land in question had been earmarked for the establishment of a school, a designation that fell in line with Lodha Developers’ corporate social responsibility (CSR) focus on education. By sidestepping both governance protocols and CSR commitments, the transaction is now under a cloud of suspicion.
Adding to the controversy are allegations that Rajendra Lodha diverted ₹2.5 crore of company funds to finance construction on the same land after it was transferred to Sahil’s firm. This was allegedly facilitated through the creation of a fictitious plant code under a project named Panacea. According to the complaint, this maneuver effectively allowed corporate resources to be funneled into a private venture, a clear violation of fiduciary responsibility and misuse of company finances.
Police officials have confirmed that the investigation is being pursued with thoroughness and urgency. They stressed that Sahil’s repeated non-compliance with summons has left them with few options, and if he continues to evade questioning, the issuance of a lookout notice appears inevitable. Such a step would bar him from leaving the country, ensuring his availability for questioning and preventing the derailment of the investigation.
