Mumbai: The Enforcement Directorate has intensified its investigation into an alleged ₹85-crore money-laundering racket involving former Lodha Developers Ltd director Rajendra Lodha, freezing financial assets worth over ₹25 crore during a widespread search operation across Mumbai and its neighbouring regions.
According to officials, the agency carried out targeted raids at 14 locations on Wednesday, uncovering a complex web of suspicious financial transactions routed through shell companies and benami accounts. During the operation, the ED recovered ₹20 lakh in cash, key property-related documents, transaction records tied to Transfer of Development Rights (TDR), and several digital devices believed to contain crucial evidence. These materials are now being examined to trace the movement of funds and identify who ultimately benefited from the suspected fraud.
Investigators allege that Lodha and his close associates orchestrated a network of dummy firms to channel illicit earnings from questionable land and property deals. The proceeds were allegedly layered through multiple accounts to disguise them as legitimate business income, a classic technique used in large-scale money laundering.
The probe has also uncovered a substantial portfolio of assets linked to Lodha and his son, Sahil Lodha. These include upscale apartments in South Mumbai, commercial spaces in Thane, and land holdings spread across the Mumbai Metropolitan Region (MMR). Many of these assets are believed to be held indirectly through benami companies and nominees.
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