Gurugram, March 26 The Economic Offences Wing of the Delhi Police has filed an FIR against Gurugram-based real estate firm Experion Developers Private Limited and its related entity Experion Capital Private Limited for fraud, based on a complaint filed by the Enforcement Directorate, according to an official statement issued on Thursday.
The ED complaint stemmed from its investigation into a money laundering case against Religare Finvest Limited (RFL).
According to the ED, its investigation found that the former Religare Finvest promoters, Malvinder Mohan Singh and Shivinder Mohan Singh, had siphoned off approximately Rs 2,036 crore from RFL through entities directly or indirectly controlled by them.
The ED found that the Singh brothers diverted Rs 150 crore from RFL, which was used to purchase a 27.86-acre plot in Sector 62, Gurugram.
On February 4, 2020, the ED attached the 27.86-acre plot, which included a 9.1-acre plot belonging to another entity, Dignity Buildcon Private Limited.
During the investigation, the ED noticed that the Experion entities misused provisions of the Insolvency and Bankruptcy Code in the Corporate Insolvency Resolution Process of Dignity Buildcon.
The National Company Law Tribunal's Delhi bench had initiated insolvency proceedings against Dignity Buildcon on April 24, 2019. On the conclusion of these proceedings on May 23, 2023, Experion Developers emerged as the successful resolution applicant.
Meanwhile, Experion Capital acquired a Rs 490 crore loan – previously extended by the Standard Chartered Bank to Dignity Buildcon – for a lesser amount of Rs 160 crore through an agreement dated December 26, 2022, the FIR stated.
"As a result, Experion Capital obtained 49.3 per cent voting rights in the Committee of Creditors, which was previously held by the Standard Chartered Bank. Subsequently, on January 9, 2023, Experion Developers withdrew its writ petition, and the stay on voting ordered by the Delhi High Court on January 18, 2023, was lifted," it said.
"Furthermore, during the insolvency process, Experion Capital increased its voting share in the Committee of Creditors to 60 per cent, by acquiring Rs 58 crore worth of debentures issued by three Blackstone Group entities for a lesser amount of Rs 25 crore," the FIR stated.
According to the ED's complaint, in a letter dated January 24, 2023, Experion Capital directed the Alchemist Asset Reconstruction Company to consult it before voting on any resolution plan.
"Most damningly, Sachin Gupta, the authorised representative of Alchemist Asset Reconstruction Company, admitted in his statement on August 23, 2024, that Experion Capital compelled the Alchemist Asset Reconstruction Company to vote in favour of Experion Developers' resolution plan," the FIR said.
Both Experion Capital and Experion Developers are wholly owned subsidiaries of Singapore-based AT Capital Group.