India, Sept. 23 -- Former Lodha Developers Ltd (LDL) whole-time director Rajendra Lodha has been arrested by the Mumbai Crime Branch in connection with an alleged Rs.100 crore land scam. Police claim Lodha sold a company-owned plot in Panvel to an associate and later arranged for LDL to repurchase it at a significantly inflated price.

The case involves an 8,850 sq mtrs land parcel in Shirdon, Panvel, originally acquired by LDL in 2017 from Aparna Puranik, widow of former employee Mangesh Puranik, who held the property on the company's behalf since 2013. After his death, Aparna signed a power of attorney (POA) in Lodha's favour.

Investigators allege that in June 2022, Lodha used the POA to sell the land to his associate, Ritesh Narsana, ...