MUMBAI: Lodha Developers Ltd has lodged a fresh complaint against its former director, business development officer Shivaji Jadhav and others, alleging that they caused a financial loss of Rs 6.67 crore to the company through irregularities in a land acquisition deal at Mankoli in Bhiwandi, Thane district, and a related flat transaction in Lower Parel.




This is the third case registered against Rajendra Lodha.




The company lodged an FIR with the NM Joshi Marg police, which has since been transferred to the city crime branch. The alleged irregularities involved a purported Rs 5 crore brokerage agreement, a Rs 1.5 crore discount on a luxury apartment and payments made in connection with the acquisition of 6,420 square metres of land.




The land in question is located in Mankoli village. The company entered into a development agreement with Chandrasen Bhoir and his family in January 2019. Under the agreement, the landowners were to receive 24,075 square feet of saleable built-up area in exchange for the agricultural land.




Subsequently, Avinash Bhoir claimed possession of a portion of the land, following which the company entered into a supplementary agreement to provide him with 1,425 square feet of saleable built-up area. Nitin Keni also claimed possession of land covered by the three survey numbers. According to the complaint, the company entered into a supplementary agreement with Keni on May 4, 2019, and paid him Rs 17 lakh in connection with his claim.




The complaint alleges that Haridas Bhoir acted as a broker in the original land transaction and received Rs 8.5 lakh. However, the company subsequently discovered alleged irregularities involving Sackveer Builds and Developers LLP, whose representatives, Sachin K Dhaktode and Virji K Dhadi, had purchased Flat No. B-5802 at Lodha Alura, Lodha Park, Lower Parel.




According to the complaint, the flat was originally priced at Rs 6.86 crore. On the recommendation of then director Rajendra Lodha, its price was allegedly reduced by around Rs 1.5 crore, and the property was sold for approximately Rs 5.36 crore. The flat was registered on July 19, 2019.




The complaint further alleges that an inter-office note dated July 30, 2019, signed by Rajendra Lodha and Shivaji Jadhav, directed that Rs 5 crore be adjusted against the flat's purchase price, purportedly towards brokerage for the Mankoli land transaction.




A brokerage agreement was subsequently executed on July 31, 2019, between Sackveer Builds and Developers LLP and Lodha Developers Pvt Ltd. The agreement, signed on behalf of the company by Babusingh Rajguru, allegedly provided for a payment of ₹5 crore for making the land title clear and marketable. An affidavit submitted by the developers' representatives also referred to the payment.




However, an internal investigation allegedly found that Sackveer Builds and Developers LLP had no involvement in the acquisition of the Mankoli land. The company further claimed that neither the brokerage agreement nor the inter-office note could be found in its records during the review of the transactions.




The complaint alleges that Rajendra Lodha, Shivaji Jadhav, Babusingh Rajguru and others misused the authority entrusted to them and conspired to route the alleged brokerage amount through the flat transaction. The FIR names six individuals in connection with the alleged Rs 6.67 crore loss, comprising the Rs 5 crore brokerage adjustment, the Rs 1.5 crore discount and the Rs 17 lakh payment to Keni.




Interestingly, the original complaint submitted to the police did not name Rajendra Lodha. However, following a preliminary inquiry, the police allegedly found his involvement and included his name in the FIR.