Mumbai: The Enforcement Directorate (ED) has registered an Enforcement Case Information Report (ECIR) against former Lodha Developers Ltd director Rajendra Lodha and several others in connection with an alleged Rs 85 crore corporate fraud under the Prevention of Money Laundering Act (PMLA).

Officials said the agency carried out searches on Wednesday at 14 locations across Mumbai and Thane, including Worli, Ghatkopar, Borivali, Thane, and Dombivli, as part of its probe into alleged money laundering, unauthorised property sales, and financial irregularities. The searches covered premises linked to Lodha Developers Ltd, as well as residential and commercial properties of several associates and firms allegedly involved in facilitating fraudulent land and property transactions. Among the locations searched was the Dombivali residence and office of Vinod Patil, the brother of MNS leader and former MLA Raju Patil, who is also an accused in the case.

According to ED sources, the searches were aimed at tracing the alleged proceeds of crime and identifying entities linked to the suspicious transactions. During the operation, the ED seized several incriminating documents, financial records, and digital evidence, which are now being analysed to track the flow of funds and determine the ultimate beneficiaries.

The ED action reportedly stems from an FIR filed by Lodha Developers (now Macrotech Developers Ltd) in September, which alleged that Rajendra Lodha misused his position between 2013 and 2025 to defraud the company of around Rs 85 crore through unauthorised property sales, undervalued land deals, and illegal Transferable Development Rights (TDR) transactions, causing significant losses. Lodha was earlier arrested by the Mumbai Police Crime Branch in connection with the case.

Investigators said the New Cuffe Parade project in Wadala has emerged as a key link in the alleged fraud. According to the FIR, Flat A/3603 in Tower 11, booked by Nilesh Chandrabhan Agarwal for around Rs 3.10 crore, was used in a forged agreement. Lodha and his son Sahil Lodha allegedly claimed that the company needed to pay Rs 3.03 crore to Agarwal to vacate land in Nitals village in Panvel, which he did not legally own. The amount was reportedly diverted in cash by the Lodhas, causing a direct loss of Rs 3.03 crore to the company.

The ED case also details multiple financial irregularities. In the TDR scam, 34 transactions totalling 7.15 lakh sq.ft. granted by the Kalyan-Dombivli Municipal Corporation were executed in cash at Rs 685 per sq.ft., significantly below market value, resulting in an estimated loss of around Rs 20 crore. Vinod Patil was one of the key conspirators in this case along with Lodha and his son. A 1.46-acre plot in Ambarnath’s Naharen village, was sold by Lodha for Rs 88 lakh without proper authority. The land, located on the proposed Virar–Alibaug multimodal corridor, was expected to earn compensation of about Rs 10 crore from the government. Ten months later, the buyer received Rs 10.88 crore, causing a loss of roughly Rs 10 crore to the company.

In another instance, a 4,150 sq.m. plot in Panvel’s Shirdon village, was allegedly sold by Rajendra and Sahil Lodha to their benami company, Usha Properties, for only Rs 48 lakh, resulting in a loss of around Rs 10 crore. Similarly, a 3,630 sq.m. plot in Panvel’s Bhopar village, was sold to a benami company, N.B.P. Agrotech Infratech LLP, at a price Rs 6.25 crore below market value.

In addition, a land repurchase scam involved company land registered in the name of a deceased employee’s wife, purchased through an associate for Rs 5 lakh and later sold back to Lodha Developers Ltd for Rs 2.65 crore, causing a further loss.

The search was underway till the time this report was published.

Mumbai, Nov 13: The Indian benchmark indices opened in mild red zone on Thursday, amid mixed global cues and persistent selling by foreign institutional investors (FIIs).

As of 9.25 am, Sensex declined 68 points, or 0.08 per cent at 84,398 and Nifty dipped 15 points, or 0.05 per cent to 25,860.

The broadcap indices performed in line with the benchmarks, with the Nifty Midcap 100 down 0.13 per cent and the Nifty Smallcap 100 dipped 0.27 per cent.

Tata Steel, Hindalco and Dr Reddy’s Labs were among the major gainers in the Nifty Pack, while losers included Bajaj Finance, Apollo Hospitals, Shriram Finance and TCS.

All the sectoral indices were trading in green except FMCG (down 0.78 per cent), IT and private bank. Nifty Metal was the standout gainer up 1.52 per cent.

A possible India-US trade deal that removes penal tariffs and reduces reciprocal tariffs is an important economic factor that should be watched for, said analysts.

The decline in October retail inflation in India to 0.25 per cent indicates the possibility of a rate cut from the RBI MPC in December. But the monetary policy transmission turning weak has become a challenge for the RBI, they added.

Analysts placed immediate resistance for Nifty at 25,950, followed by 26,000, and support at 25,700 and 25,750 zones.

Most of the Asia-Pacific markets rose in early trading sessions after US House of Representatives passed a short-term funding bill to end the longest federal shutdown on record.

The US markets ended in green zone overnight as the S&P 500 added 0.06 per cent, and the Dow inched up 0.68 per cent. However, Nasdaq continued its decline, slipping 0.26 per cent.

In Asian markets, China’s Shanghai index added 0.3 per cent, and Shenzhen inched up 1.62 per cent, Japan’s Nikkei advanced 0.2 per cent, while Hong Kong’s Hang Seng Index eased 0.45 per cent. South Korea’s Kospi declined 0.17 per cent.

On Wednesday, foreign institutional investors (FIIs) sold equities worth Rs 1,150 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 5,127 crore.

Mumbai: Mumbai woke up to clear blue skies and cool morning breezes on Thursday, giving residents a brief sense of winter’s arrival. However, a thin layer of haze and smog lingered across the skyline, revealing a more troubling picture of the city’s air quality.

According to the India Meteorological Department (IMD), Mumbai is expected to experience clear skies through the day, with daytime temperatures hovering around 32°C and minimum temperatures dipping to 19°C, bringing a mild chill to the mornings. But while the weather feels pleasant, the visibility in the early hours was significantly reduced due to smog accumulation across the city.

The rise in pollution levels comes barely a week after heavy rainfall had temporarily cleansed the atmosphere, washing away pollutants and improving humidity. That brief spell of freshness, however, proved short-lived. With the rains gone, the city’s Air Quality Index (AQI) has once again slipped into unhealthy territory.

As per AQI.in, Mumbai’s overall AQI on Thursday morning stood at 233, categorised as unhealthy. This marks a sharp decline from the moderate levels observed earlier this month. Many residents reported a faint burning smell and blurred horizons, symptoms typically linked to elevated PM2.5 concentrations in the air.

Among the city’s monitoring stations, Wadala Truck Terminal recorded the worst air quality with an alarming AQI of 405, placing it firmly in the hazardous category. Other locations such as Colaba (305) and Mazgaon (295) also reported severe to unhealthy air conditions. The Bandra-Kurla Complex (287) and Deonar (270) zones remained in the unhealthy range as well.

In contrast, the western suburbs fared slightly better, though conditions were far from ideal. Jogeshwari (120) and Malad West (133) were classified as poor, while Santacruz East (137), Kandivali East (160) and Borivali East (163) hovered at poor levels. Despite these minor variations, most of Mumbai remained blanketed by a thick layer of haze.

As per AQI guidelines, readings between 0–50 are considered Good, 51–100 Moderate, 101–150 Poor, 151–200 Unhealthy, and anything above 200 falls under Severe or Hazardous.