Gurugram Real Estate Firm Faces Fraud Charges in Money Laundering Probe
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. The filing comes following a complaint from the Enforcement Directorate, according to an official statement released on Thursday.The investigation stems from the ED’s ongoing money laundering case against Religare Finvest Limited (RFL). The ED’s investigation revealed that former Religare Finvest promoters, Malvinder Mohan Singh and Shivinder Mohan Singh, diverted approximately Rs 2,036 crore from RFL through entities controlled by them.
Specifically, 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 this plot, including a 9.1-acre plot belonging to another entity, Dignity Buildcon Private Limited.
During the investigation, the ED noted that 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. Experion Developers emerged as the successful resolution applicant on May 23, 2023.
Furthermore, 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.
As a result of this transaction, Experion Capital obtained 49.3 per cent voting rights in the Committee of Creditors, previously held by the Standard Chartered Bank. Subsequently, on January 9, 2023, Experion Developers withdrew its writ petition, lifting a stay on voting ordered by the Delhi High Court on January 18, 2023.
The FIR also details that Experion Capital increased its voting share in the Committee of Creditors to 60 per cent, acquiring Rs 58 crore worth of debentures issued by three Blackstone Group entities for a lesser amount of Rs 25 crore. A letter dated January 24, 2023, from Experion Capital directed the Alchemist Asset Reconstruction Company to consult it before voting on any resolution plan.
Sachin Gupta, the authorised representative of Alchemist Asset Reconstruction Company, admitted in a statement on August 23, 2024, that Experion Capital compelled the Alchemist Asset Reconstruction Company to vote in favour of Experion Developers’ resolution plan.
Experion Capital and Experion Developers are wholly owned subsidiaries of Singapore-based AT Capital Group.
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