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How a Rs 630-Crore Land Deal Led to FIR Against Experion Developers
How a Rs 630-Crore Land Deal Led to FIR Against Experion Developers
The action follows a complaint by the Enforcement Directorate (ED) and comes after a Zee News report flagged alleged irregularities. The probe focuses on claims of loan manipulation, control over creditor voting, and misuse of the insolvency process to acquire prime land at a much lower value.
New Delhi: Leading real estate firms Experion Developers and Experion Capital are facing serious fraud allegations after the Delhi Police’s Economic Offences Wing (EOW) registered an FIR in connection with a Rs 630 crore land deal in Gurugram. The action follows a complaint by the Enforcement Directorate (ED) and comes after a Zee News report flagged alleged irregularities. The probe focuses on claims of loan manipulation, control over creditor voting, and misuse of the insolvency process to acquire prime land at a much lower value.
FIR Registered After ED Complaint in Gurugram Land Case
The case relates to a prime land parcel in Sector 62, Gurugram. Experion Developers has been accused of allegedly misleading the system to acquire land valued at over Rs 630 crore.
Acting on the ED’s complaint, the EOW of Delhi Police registered an FIR against Experion Developers and Experion Capital, marking a major escalation in a case that had been under scrutiny for months following Zee News coverage.
Dignity Buildcon Loans at Centre of Alleged Fraud
At the centre of the case is Dignity Buildcon Private Limited, which had taken loans exceeding Rs 992 crore from six financial institutions, including Standard Chartered Bank and entities linked to Blackstone, to acquire land in Gurugram.
According to the ED, Experion Developers allegedly attempted to acquire Dignity Buildcon’s assets at a significantly lower value of around Rs 332 crore, raising concerns over fairness.
ED Alleges Loan Purchases Used to Gain Voting Control
The ED claims that since direct acquisition was not possible, the Experion group allegedly took an indirect route. Court proceedings were reportedly prolonged while efforts were made to influence creditor voting.
As part of this strategy, Experion Capital (ECPL) allegedly purchased portions of distressed loans to gain control within the Committee of Creditors (CoC):
Standard Chartered Bank’s exposure of over Rs 494 crore was reportedly acquired for Rs 160 crore, giving nearly 50 percent voting rights
A loan of around Rs 58 crore linked to Blackstone was allegedly acquired for about Rs 25 crore, adding another 10 percent voting rights
These transactions allegedly helped the group build significant influence within the CoC.
‘Buyer and Decision-Maker Same’: Violation of Norms Alleged
Investigators have alleged that the structure allowed the same group to act as both buyer and decision-maker in the insolvency process.
If proven, this would violate insolvency norms, as the Committee of Creditors is expected to function independently while deciding the outcome of a distressed company.
Pressure Allegations in Creditor Voting
A key development involves Alchemist ARC, which held around 35 percent voting rights in the CoC.
According to ED findings, a company representative alleged that pressure was exerted to vote in favour of Experion Capital’s resolution plan.
Alchemist ARC, promoted by corporate lawyer Alok Dhir, is now under scrutiny. Investigators have noted similar patterns of distressed loan acquisitions through related entities in other cases as well.
95 percent Voting Power Used to Approve Resolution Plan
The ED has alleged that Experion Capital ultimately secured up to 95 percent voting power in the CoC.
This majority allegedly enabled approval of the resolution plan submitted by its related entity, Experion Developers. The probe suggests that both financial strategy and influence were used to push the plan through.
Key Land Detail Allegedly Hidden From Tribunal
Another important aspect of the case involves a 9.32-acre land parcel in Sector 63, Gurugram. The ED had already attached this land in connection with the Religare Finvest fraud case.
According to the agency, this detail was not disclosed before the tribunal by the Experion group, raising concerns about possible suppression of crucial information.
The Delhi Police’s Economic Offences Wing is currently conducting a detailed investigation into the matter.
Source: ZeeNews
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