Delhi Police EOW Registers FIR Against Experion Developers and Experion Capital in ₹630 Crore Gurugram Land Deal; Delhi High Court Declines to Stay Probe

Criminal Charges Filed in Gurugram Insolvency Case

On 26 March 2026, the Economic Offences Wing (EOW) of Delhi Police registered FIR No. 64/2026 under IPC Sections 420 (cheating) and 120B (criminal conspiracy) against Experion Developers Pvt Ltd and its sister concern Experion Capital Pvt Ltd. The investigation follows a complaint by the Enforcement Directorate and comes after several months of scrutiny triggered by a Zee News report flagging irregularities in the transaction.

The investigation centers on a prime land parcel in Sector 62, where the companies are accused of misleading the insolvency system to acquire assets at a significantly reduced value. The probe centres on claims of loan manipulation, creditor vote control and misuse of the insolvency process to acquire prime land at a significantly reduced value.

The Asset Under Scrutiny

The FIR arises from what the ED has characterised as a systematic manipulation of the Corporate Insolvency Resolution Process (CIRP) of M/s Dignity Buildcon Private Limited—a company owning approximately 27.86 acres of prime land in Sector 62, Golf Course Extension Road, Gurugram, valued conservatively at over Rs 630 crore.

The complaint originated from the Enforcement Directorate (ED), which is probing a larger ₹2,036-crore money-laundering racket involving former Religare Finvest Ltd promoters Malvinder Mohan Singh and Shivinder Mohan Singh. Out of this, about INR 150 crore was reportedly diverted to acquire a 27.86-acre land parcel in Sector 62, Gurugram.

Alleged Mechanism of Acquisition

According to ED allegations recorded in the FIR, Experion Capital employed a sequence of discounted debt purchases to build voting control within the creditor committee:

• A loan, valued at INR 490 crore, was reportedly purchased at a significantly reduced amount of INR 160 crore. This transaction enabled Experion Capital to secure 49.3 per cent voting rights in the Committee of Creditors (CoC).
• Experion Capital subsequently increased its voting share in the CoC to 60 per cent by acquiring debentures worth INR 58 crore from three Blackstone Group entities for approximately INR 25 crore.
• Through this acquisition, ECPL gained de facto control over Alchemist ARC's voting discretion in the CoC, giving the Experion group combined influence over ~95% of CoC votes.

On 24 January 2023, Experion Capital allegedly sent a letter directing Alchemist Asset Reconstruction Company to "consult" it before casting any vote on resolution plans. The most damning piece of evidence in the FIR is the statement recorded on 23 August 2024 by Sachin Gupta, authorised representative of Alchemist ARC. Gupta explicitly admitted that Experion Capital "compelled" Alchemist to vote in favour of Experion Developers' resolution plan. This is not speculation—it is on record in the police complaint.

The Nominal Acquisition

Experion Developers, which emerged as the successful resolution applicant in the Dignity Buildcon insolvency process, is alleged to have acquired the corporate debtor and the land vested with it for a nominal consideration of ₹1 plus ₹47 crore in non-convertible debentures. The company is also alleged to have structured a circular financial flow of approximately ₹445 crore through its related entities.

Another crucial 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 fact was not disclosed before the tribunal by the Experion group, raising concerns over possible suppression of critical information during legal proceedings.

Delhi High Court Denies Interim Relief

On 30 March 2026, Experion Developers and a co-petitioner rushed to the Delhi High Court seeking to quash the FIR and secure an immediate stay on the EOW investigation, plus protection from coercive action. Justice Girish Kathpalia heard the matter and delivered a firm rejection. The court observed that the investigation was still at a "nascent stage" and that it would be "inappropriate to stall it without a detailed hearing." No stay was granted. No anticipatory protection was extended.

The EOW was directed to file a status report within four weeks, and the matter was listed for further hearing on 14 May 2026.

Senior counsel for Experion argued that the FIR was motivated by "competing business interests," disclosed no cognisable offence, and that a concluded IBC process could not be reopened. The ED countered that the probe was very much alive and that an application for recall of the resolution plan was already pending.

Ongoing Status

As of 30 May 2026, the EOW investigation continues. The ED's application to recall the resolution plan is pending. The Delhi High Court petition to quash the FIR remains unresolved.

Experion's Background

Experion Developers Private Limited was incorporated on July 28, 2006, in New Delhi as a private limited company. Over the years, Experion has grown its portfolio to include completed and ongoing projects totaling around 6.7 million square feet of developed area. By 2025, the company has successfully delivered 10 landmark projects, primarily in Gurugram, Lucknow, Noida, and Amritsar.

Both Experion Developers and Experion Capital operate as wholly owned subsidiaries of Singapore-based AT Capital Group.

Experion continues to operate, issuing statements that the transactions were lawful and above board. Experion Developers has denied these allegations, stating their actions were lawful and transparent.