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[QUOTE="Queen, post: 86760, member: 27"]
A 100 crore hole in a real estate giant’s books just landed its former director in custody under a money laundering probe.

Rajendra Narpatmal Lodha arrest
[LIST]
[*]Enforcement Directorate picked up Rajendra Narpatmal Lodha under PMLA.
[*]Lodha Developers allegedly suffered losses of over 100 crore.
[*]Mumbai Police filed FIRs under Bharatiya Nyaya Sanhita, 2023.
[*]The Special PMLA Court in Mumbai granted eight days of ED custody.
[/LIST]
Alleged diversion of company assets
[LIST]
[*]ED claims Lodha offloaded properties at undervalued rates.
[*]Proxy entities and linked individuals reportedly received the assets.
[*]Board approval was allegedly bypassed during these transfers.
[*]Investigators say company funds were rerouted through shady deals.
[/LIST]
Forged deals and cash siphoning
[LIST]
[*]Memorandums for land buys were allegedly fabricated at inflated prices.
[*]Sellers allegedly handed back pumped-up amounts in cash.
[*]Associates and related entities reportedly amassed assets.
[*]The agency described the transactions as fraudulent and damaging.
[/LIST]
Searches and asset seizure
[LIST]
[*]November 12 raids covered 14 Mumbai-region locations.
[*]About 88 crore in cash and deposits were seized or frozen.
[*]Digital devices and property records were taken into custody.
[*]Further investigation into the matter is ongoing.
[/LIST]
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