MUMBAI, Sept. 18 -- The Mumbai crime branch's property cell on Wednesday arrested Rajendra Narpatmal Lodha and several others after a case was registered against them by Lodha Developers Limited for cheating the company while Rajendra was on its board of directors. The accused was produced in court and sent to police custody till September 23. In the FIR registered on Tuesday at N M Joshi Marg police station, it was alleged that Rajendra sold several Lodha properties at cheap rates, causing a loss of Rs.85 crore to the company. "We have registered a case against him, his son Sahil, Bharat Narsana, Nitin Wador, Ritesh Narsana, Nisha Menon, Neha Desai, Amit Kamble, Sujit Kumar Singh and Vinod Patil," said a police officer. "Some of them are employees of the company who helped him." Rajendra Lodha began working with LDL in 1990, and became a director of the company in 2015. In 2021, he became a promoter and was given the right to buy land for the group though not to sell land. In July 2025, the Lodha group learnt that Rajendra owned more property than his known source of income and asked him to furnish details, after which he resigned. "LDL has learnt that his net worth is Rs.400 crore," said the officer. "CEO Abhishek Lodha was even threatened by Bharat Narsana, who met him on behalf of Rajendra." Among the alleged under-valuations perpetrated by him was a 5,900-square-metre plot of land which he sold in August 2023 to one Sulakshana Jadhav for Rs.88 lakh. "The Virar-Alibaug Multi-Modal Corridor Project will pass by the land, taking its value up," said the police officer. "Jadhav sold the land in ten months for Rs.10.88 crore." In 2022, when Rajendra was working as a partner with NBP Edutech Infotech LLP, while still with Lodha Developers, he sold a land parcel in Bhopar village in Panvel for Rs.2.75 crore to the company. The value of the land was Rs.9 crore and a loss of Rs.6.25 crore was thus caused to Lodha Developers. Rajendra's son, Sahil, is also a partner in NBP Edutech Infotech LLP. In 2022-23, Rajendra sold a land parcel in Shirdon village in Panvel to Usha Developers, suspected to be a benami company of his, for Rs.48 lakh, causing a loss of Rs.10 crore to Lodha. He also sold around 715,000 square feet of TDR obtained from the Kalyan-Dombivli Municipal Corporation at a much lower price than the prevailing market rate in 35 transactions, causing a loss of Rs.49 crore. "Rajendra Lodha and his son Sahil declared assets worth Rs.130 crore to the income-tax authorities," said the police officer. "Lodha Developers Limited has learnt that their total property is worth Rs.400 crore. We have registered an offence under Sections 316 (criminal breach of trust), 318 (cheating), 336 (forgery), 338 (forgery of valuable security, will, etc), 340 (using forged document or electronic record and using it as genuine) and 351 (criminal intimidation) of the Bharatiya Nyaya Sanhita." In a statement, Lodha Developers on Wednesday informed the BSE that in continuation of its intimation dated August 18, 2025 about the resignation of Rajendra Lodha as a director of the company, it had decided to refer the matter to the appropriate authorities for investigation....