Overview

• The special CBI court cited material evidence showing Lodha’s “positive involvement” in the diversion of Rs 74.82 crore from UCO Bank
• Prosecutors allege he conspired with bank officials to funnel funds through Akshata Mercantile, a Topworth Group company
• Court documents state that without Lodha’s direct control as chairman, the fraudulent letters of credit transactions could not have occurred
• Lodha’s lawyers argued he was neither a director nor involved in the affiliate’s daily affairs, but the court highlighted his overarching authority
• The businessman remains charge-sheeted in six other cases on similar LC frauds as the Mumbai CBI trial proceeds