GURUGRAM: The Economic Offences Wing of the Delhi Police has registered an FIR against Gurugram-based real estate firm Experion Developers Private Limited and its affiliate, Experion Capital Private Limited, for fraud. This action follows a complaint lodged by the Enforcement Directorate, according to an official statement released on Thursday.
The ED’s complaint originated from its inquiry into a money laundering case involving Religare Finvest Limited (RFL).
As per ED findings, former RFL promoters Malvinder Mohan Singh and Shivinder Mohan Singh allegedly misappropriated around Rs 2,036 crore from RFL through entities that they directly or indirectly control.
Investigations revealed that the Singh brothers redirected Rs 150 crore from RFL to acquire a 27.86-acre plot in Sector 62, Gurugram.
On February 4, 2020, the ED seized the aforementioned 27.86 acres, which included a 9.1-acre section owned by another company, Dignity Buildcon Private Limited.
During the probe, the ED discovered that Experion entities had exploited the Insolvency and Bankruptcy Code’s provisions during the Corporate Insolvency Resolution Process of Dignity Buildcon.
The National Company Law Tribunal’s Delhi bench commenced insolvency proceedings against Dignity Buildcon on April 24, 2019, with the resolution concluding on May 23, 2023, in favor of Experion Developers.
In the meantime, Experion Capital acquired a Rs 490 crore loan that was previously granted to Dignity Buildcon by Standard Chartered Bank for only Rs 160 crore in an agreement dated December 26, 2022, as stated in the FIR.
“By doing so, Experion Capital secured 49.3 percent voting rights in the Committee of Creditors, which had previously belonged to Standard Chartered Bank. Subsequently, on January 9, 2023, Experion Developers withdrew its writ petition, leading to the lifting of the stay on voting ordered by the Delhi High Court on January 18, 2023,” the FIR mentioned.
“Additionally, during the insolvency proceedings, Experion Capital boosted its voting share in the Committee of Creditors to 60 percent by acquiring Rs 58 crore worth of debentures issued by three entities from the Blackstone Group for just Rs 25 crore,” the FIR noted.
According to the ED’s complaint, in a letter dated January 24, 2023, Experion Capital instructed the Alchemist Asset Reconstruction Company to seek its counsel before voting on any resolution plan.
“In a particularly revealing statement, Sachin Gupta, the authorized representative of Alchemist Asset Reconstruction Company, acknowledged on August 23, 2024, that Experion Capital pressured the Alchemist Asset Reconstruction Company to support Experion Developers’ resolution plan,” the FIR stated.
Experion Capital and Experion Developers are fully owned subsidiaries of Singapore’s AT Capital Group.
