Businessman arrested for converting 25 crore worth of old notes, no stranger to controversy

Kolkata based businessman Parasmal Lodha was today nabbed by the Enforcement Directorate for converting old notes worth Rs 25 crores. He was also detained a few days back after it was found that the 13 crores seized from the office of lawyer Rohit Tandon actually belonged to Lodha.

Parasmal Lodha is a real estate developer and has stakes in mining, finance, consultancy and restaurant firms. His also nicknamed as ‘Extra floors Lodha’ or ‘Fiddler on the roof’ for being infamous for approaching house owners in a bid to construct extra floors on that building and using them for his own purposes. Its reported that Lodha first came to prominence when the Left front came to power and was dubbed close to a minister in the government.

He has also featured in other controversies:

- Advertisement - - Article resumes -

The 2010 Stephen Court fire: Fire engulfed the top two floors Stephen Court building in Kolkata killing at least 43 people. Reports later came out that it was Lodha who had built or to be more accurate, added the top two floors but had chosen not to provide an extension to the spiral staircase which came up to the 4th floor. Had he done so, the people present on those floors could have used the same as a fire exit. He had built the floors in mid 80’s and had proceeded to get them legalized.

The controversy for which he is most well known is his attempted hostile takeover of Peerless General Finance and Investment Company Limited. The year is 1991, Pearless group at that time was flourishing with a deposit base of Rs 1,340 crore witnessing a 15% year on year growth and major investments in shipping, hotels, tourism and housing in the pipeline. Those who didn’t have a stake wanted one and those who had a stake wanted more. Parasmal Lodha was one such guy, having a 22% stake he apparently wanted a larger piece of the pie. Peerless’s Chairman and Managing Director P.C. Sen and Joint Managing Director S.K. Roy had other ideas. This after all wasn’t the first time Lodha had tried a takeover. Back in 1986 he had managed to garner 51% of the shares and a seat on the board. Just that IT raids had forced him to sell most of the stake.

This time though Lodha petitioned the Central Government and approached the courts in order to somehow coerce S.K. Roy into selling his 68% stake. Then the Chairman and MD P.C. Sen started alleging how Lodha had offered substantial amount of money to Roy and when he refused, threatened that Roy would sleep with the fishes. Sen further alleged that in order to carry out the offer which Roy couldn’t possibly refuse Lodha had requested the services of Dawood Ibrahim.

Though the police wasn’t convinced of the same and let off Lodha after questioning, the whole episode ensured Lodha gained prominence in the corporate world.

Share This Post and Support:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.

Most read articles recently

‘Krantikari’ journalist Punya Prasun Bajpai sacked, again, this time from Surya Samachar

Punya Prasun Bajpai and his team of 25 had joined Surya Samachar last month

Shabbir Gurfan from Surat arrested for sending obscene pic to Barkha Dutt, three others for sending obscene texts

Shabbir Gurfan Pinjari, a Surat resident who allegedly sent Barkha Dutt a d*ck pic, works as a butcher

Fact Check: Did 350 people convert to Islam in New Zealand after the Christchurch Mosque attack?

Many people spreading a fake news on social media that 350 people converted to Islam in New Zealand after the Christchurch Mosque attack

Twitter users attack Arvind Kejriwal after he shares an ‘anti-Hindu’ image

This is not the first time Arvind Kejriwal has hurt the religious sentiments of people
Mamata Banerjee shielding her family

West Bengal police shields wife of Mamata’s nephew as she is caught with 2 kg gold at Kolkata airport: report

This news has led a political storm where political parties are questioning the delinquency and the bias of the West Bengal Government
Image Source: DNA

Karnataka: Police arrest techies for chanting Pro-Modi slogans at Rahul Gandhi event in Bengaluru

The police officers who were supposed to act to save the techies from being attacked by the Congress 'goons' not only remained silent but also unleashed its force against them for chanting pro-Modi slogans.

Mamata Banerjee ‘challenges’ PM Modi and Amit Shah to Sanskrit mantra chanting competition

Mamata Banerjee, who at one time had imposed restrictions on Durga Puja idol immersion as it would disturb Muslim processions has now rushed to prove her cultural credentials.

Maharashtra: Major setback for Congress-NCP as senior NCP leader’s son and former DY CM joins BJP

Botherations seem to be coming after Rahul Gandhi who is trying his level best to take on BJP in every possible way ahead of the Lok Sabha elections

Nirav Modi arrested in London 17 months after he fled India, bail denied and sent to custody till March 29

In a massive diplomatic victory for PM Modi, fugitive businessman Nirav Modi arrested in London
Nehru Gandhi family celebrates birthday in aeroplane

A Pulitzer Prize winning report on Priyanka Gandhi’s aeroplane trip by Mausambi Singh

Priyanka Gandhi took an IndiGo flight from Delhi to Lucknow, and it was a flight to remember.

Latest articles

Connect with us


Don't miss these

Share This Post and Support: