Delhi Police books Experion over fraud claims in Gurugram land insolvency deal

The Economic Offences Wing (EOW) of Delhi Police has registered an FIR against Experion Developers Private Limited and its related entity, Experion Capital Private Limited, over the acquisition of land in Sector 62, Gurugram. The FIR, numbered 64/2026, was registered on 23 March 2026, according to counsel for the Enforcement Directorate (ED), whose complaint led to the case. It cites criminal conspiracy and cheating under Sections 120B and 420 of the Indian Penal Code. Experion has denied the allegations, calling them baseless.

What the ED alleges

The land belonged to Dignity Buildcon Private Limited. Insolvency proceedings against that company were opened by the National Company Law Tribunal (NCLT), Delhi bench, on 24 April 2019. The proceedings concluded on 23 May 2023, with Experion Developers named as the successful resolution applicant, meaning its plan was accepted for the company's assets.

The ED alleges that the assets were acquired for about ₹332 crore, while the transaction was publicised as a ₹630 crore land deal. One valuation cited in the case puts the property at over ₹650 crore. Public accounts of the parcel's size differ, with figures of 9.1 acres and 9.32 acres. The ED had earlier attached a 27.86-acre tract, which included a 9.1-acre parcel belonging to Dignity Buildcon, on 4 February 2020.

The FIR also records a loan transaction. Experion Capital acquired a ₹490 crore loan that Standard Chartered Bank had extended to Dignity Buildcon, paying ₹160 crore under an agreement dated 26 December 2022.

The ED further alleges that Experion Capital secured up to 95 percent of the voting power in the committee of creditors (CoC), the group of lenders that votes on a resolution plan. It says this majority allowed the plan submitted by Experion Developers to be approved. A statement dated 23 August 2024 by Sachin Gupta, authorised representative of Alchemist ARC, says Experion Capital compelled Alchemist ARC to vote for that plan. The case also cites a letter dated 24 January 2023 in which Experion Capital asked Alchemist ARC to consult it before voting.

The ED says the probe began in a money laundering case against Religare Finvest Limited (RFL). It alleges that about ₹2,036 crore was siphoned from RFL through entities controlled directly or indirectly by the Singh brothers, and that ₹150 crore diverted from RFL was used to buy the 27.86-acre tract at Sector 62.

Experion's response and the court's position

Experion has said that its debt assignments to Experion Capital were fully paid for, that every change was placed before the NCLT, and that the updated CoC was publicly reflected on the Insolvency and Bankruptcy Board of India (IBBI) website. It also says the ED had earlier told the Delhi High Court that it intended to attach properties of RS Infrastructure, not Dignity Buildcon.

The Delhi High Court declined interim relief. Petitioners had sought quashing of the FIR, but Justice Girish Kathpalia refused to stay the investigation. The court has directed a status report. No criminal conviction has been recorded against Experion, Experion Capital or Arvind Tiku in these proceedings.

Separately, a complaint was filed with Gurugram Police on 27 May 2023 against Experion Developers, Arvind Tiku and Hemant Tikoo over a cancellation dispute. A complaint by the Westerlies Resident Welfare Association against Experion Developers, concerning the Dignity Buildcon matter, is pending before the Haryana Real Estate Regulatory Authority (HARERA). The IBBI told the Rajya Sabha, in a written reply to member Deepak Prakash, that it is taking appropriate action over alleged contraventions by the insolvency professional concerned.

What it means for buyers

These are allegations, and the courts have not decided them. No authority has quantified any direct effect on homebuyers. Buyers with bookings in Experion projects, particularly in the Westerlies project, can follow the pending HARERA complaint, which is the forum where their own claims would be heard.

The wider lesson concerns title and approvals. Where land has passed through an insolvency resolution, buyers should check the chain of title, the sanctioned plans and the project's RERA registration before booking or paying further instalments.

Next, the Delhi High Court will consider the status report. The IBBI's action against the insolvency professional has no date. No trial date has been set in the criminal case.