New Delhi, Mar 30 (PTI) The Enforcement Directorate on Monday said it has attached land parcels and other immovable assets worth more than Rs 270 crore as part of its money laundering investigation against Rajendra Lodha, former director of the Maharashtra-based realty company Lodha Developers.

A provisional order was issued on March 26 under the Prevention of Money Laundering Act (PMLA) to attach these assets. The value of these properties is Rs 271.48 crore, the ED said in a statement.

The assets include land parcels located in Panvel and Shahapur talukas of Maharashtra, it added.

Lodha was arrested by the ED in February and he is currently lodged in jail under judicial custody.

The ED's money laundering case stems from a Mumbai police FIR filed against Lodha on charges of cheating, abuse of official position, unauthorised sale of assets and creation of false documents causing wrongful loss to Lodha Developers Ltd.

The agency said Rajendra Narpatmal Lodha or Rajendra Lodha was involved in "diverting" and "siphoning" funds and assets of Lodha Developers.

He did this through "unauthorised" sale and transfer of company-owned immovable properties at "undervalued" prices to proxy entities and individuals connected to him, without the approval of the Board of Directors, it alleged.

"He was also involved in fabricating Memorandums of Understanding for land purchase at inflated prices, subsequently siphoning the inflated portion as cash through the sellers and thereby misappropriating company funds," it said.

Lodha, along with his related persons, associates and entities, accumulated assets through fraudulent activities causing wrongful loss to the realty firm, the agency said. PTI NES KVK KVK

Money laundering attachment under PMLA targets immovable assets linked to alleged diversion and siphoning of company funds. Provisional attachment under the Prevention of Money Laundering Act was issued in respect of land parcels and other immovable assets valued at more than Rs 271 crore. The attached properties included land parcels in Panvel and Shahapur talukas of Maharashtra, in connection with an ongoing money-laundering investigation concerning Rajendra Lodha, a former director of Lodha Developers. The allegations concerned diversion and siphoning of company funds and assets through unauthorised transfer of properties at undervalued prices, fabrication of Memorandums of Understanding, and misappropriation of inflated amounts.