Mumbai: The City Crime Branch arrested a former business development officer of Lodha Developers who along with the earlier arrested director Rajendra Lodha allegedly conspired with other absconding accused to illegally cancel a Bhiwandi land share agreement and transfer company-linked land for personal financial gain thus causing a loss of Rs 15 crore the company.The accused, Shivaji Govindrao Jadhav (55), was on the run since Oct this year.The case pertains to alleged fraud committed against Lodha Developers Ltd (formerly Macrotech Developers Ltd), a publicly listed real estate company. The complaint was filed by Monil Gala, head liaison at the company, who alleged that several accused persons conspired to illegally cancel a land share agreement and transfer company-linked land for personal financial gain.Police alleged that in 2020, Jadhav, in collusion with co-accused Rajendra Lodha and others, facilitated the cancellation of a share agreement for land parcels at Mouje Sarang village, Bhiwandi, measuring around 7,870 sq m, which had been acquired by the company in 2007–08. The land was allegedly transferred to acquaintances and relatives of Jadhav through fresh agreements, causing wrongful loss to the company.Police claim Jadhav later transferred a portion of the land to his son and an associate, and subsequently sold it to another individual in 2025, allegedly to conceal the transaction after learning about the internal probe. The total loss to the company is estimated at around Rs 15.74 crore.Earlier, the Crime Branch had filed a chargesheet in Dec 2025 against Rajendra Lodha and nine other accused in the case. Jadhav was shown as a wanted accused before his arrest. Several electronic devices, including mobile phones, hard disks, DVRs and voice recordings, have been seized during the investigation.
