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

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:

- Ad - - 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.

Help Opindia Reach Every Indian. Share This Post
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.


Big Story

BJP leader P K Krishnadas had alleged that the campus was an SFI stronghold and that the principal was denying the ABVP members the right to carry out their organisation's work.

2019 World Cup Is Here!

Catch the latest on Cricket World Cup as it unfolds, special coverage by Opindia

Proud to be a brand - Made in India?
Now, Advertise on Opindia

Mangalore: Mohammad Ansari rapes a cow by tying its limbs, villagers catch him in the act, arrested

The villagers also made Ansari touch cow’s feet and ask for forgiveness for raping her. However, when Ansari approached the calf, the animal freaked out and started running.

Mangaluru villagers caught Mohammad Ansari raping a calf, police arrests villagers for ‘hurting religious beliefs’

In the Kunjathbail village in Mangaluru, Mohammad Ansari was caught red-handed by the villagers while he was raping a calf.

Here are 15 famous quotes from Harsha Bhogle during his commentary stint

The famous Indian commentator, Harsha Bhogle, born on July 19 in Hyderabad is celebrating his 58th birthday today.

Abusive actor Ajaz Khan arrested by Mumbai Police for instigating violence through social media

Mumbai Police arrests small-time actor Ajaz Khan after he mocked the police on TikTok
Couple forced out of village; husband pressurised to accept wife’s religion

Hindu boy’s family forced out of village for marrying Muslim girl, police advices boy to convert as villagers threaten to kill

Newlywed Hindu boy and Muslim girl approach SSP for protection as villagers threaten to kill them and local police ask the boy to convert

Revisiting Sainbari, a blot on Indian Democracy: When Communists made a mother eat rice with her dead sons’ blood

The Sainbari incident remains the most horrific instance of political violence in the country.
Salma Ansari's temple plan receives AMU's objection

AMU administration’s jolt to Mrs Ansari’s secularism pitch, says no to temple plan inside ‘Chacha Nehru Madarsa’

Salma Ansari, the wife of former vice president Hamid Ansari, had announced recently that she will have a temple built inside the 'Chacha Nehru Madarsa' that she runs in AMU campus.
Shashi Tharoor supports Sanjiv Bhatt

Congress leader Shashi Tharoor extends support to disgraced cop Sanjiv Bhatt sentenced to life in custodial death case

Shashi Tharoor had tweeted today that he had met with the family of disgraced cop Sanjiv Bhatt

Live updates Karnataka Trust Vote: House adjourned, floor test now expected on Monday

JDS-Congress government of Karnataka is facing their second floor test after assembly elections were held in May last year.
Delhi Police bust Taliban controlled drug cartel that used jute bags to smuggle heroin worth 5000 crores

Delhi police bust Taliban controlled heroin racket, Afghan-Pakistani cartel worth 5000 crores discovered

Delhi police's special cell has busted a sophisticated Afghan-Pakistani heroin cartel that used heroin-soaked jute bags carrying spices and dry fruits to smuggle the drug into India.
Subscribe to Day's Top Stories
- Advertisment -

Latest articles

Connect with us

173,688FansLike
159,376FollowersFollow
74,877SubscribersSubscribe
Help Opindia Reach Every Indian. Share This Post