Court denies bail to ex-director of Lodha Developers in Rs 181 cr land scam
Court denies bail to ex-director of Lodha Developers in Rs 181 cr land scam
MUMBAI: (Jul 6) A court here on Monday denied bail to former director of Lodha Developers, Rajendra Lodha, in a Rs 181 crore corporate land fraud case, saying such offences affects people's confidence in commercial and financial institutions.
Prima facie material collected during the course of investigation shows Lodha's alleged pivotal role in the conspiracy, Additional Sessions Judge P A Sable said.
The prosecution has alleged a systematic, well-planned economic conspiracy that spanned over a decade. Lodha misused his fiduciary authority as director to illegally sell company-owned lands to various developers at undervalued prices, the police said.
