Delhi Police EOW Books Experion Developers and Experion Capital Over Sector 62 Land Deal

What happened

The Economic Offences Wing of Delhi Police has filed an FIR against Gurugram-based Experion Developers Private Limited and its related entity Experion Capital Private Limited. The FIR, numbered 64/2026, alleges criminal conspiracy and cheating under Section 120B read with Section 420 of the Indian Penal Code. The complaint was brought by the Enforcement Directorate (ED). According to counsel for the ED, the FIR was registered on March 23.

The case concerns a land parcel in Sector 62 on Golf Course Extension Road, Gurugram. The ED alleges that Experion used the insolvency process of Dignity Buildcon Private Limited to acquire its assets at about ₹332 crore, while the transaction was headlined as a ₹630 crore land deal. One report puts the independent valuation of the property at over ₹650 crore. Reports give the parcel size as between about 9.1 and 9.32 acres.

The land and the money trail

The ED says its probe into a money laundering case against Religare Finvest Limited (RFL) led to the complaint. According to the ED investigation cited in the FIR, about ₹2,036 crore was allegedly siphoned from Religare Finvest through entities controlled directly or indirectly by the Singh brothers. The ED alleges that ₹150 crore diverted from RFL was used to buy a 27.86-acre parcel in Sector 62.

On February 4, 2020, the ED attached the 27.86-acre land, which included a 9.1-acre parcel belonging to Dignity Buildcon Private Limited.

How the insolvency process figures in the case

The National Company Law Tribunal (NCLT) Delhi bench initiated insolvency proceedings against Dignity Buildcon on April 24, 2019. The process concluded on May 23, 2023, with Experion Developers named as the successful resolution applicant.

The FIR also refers to a loan transaction. Under an agreement dated December 26, 2022, Experion Capital acquired a ₹490 crore loan that Standard Chartered Bank had extended to Dignity Buildcon, for ₹160 crore. Dignity Buildcon had borrowed more than ₹992 crore from six financial institutions, including Standard Chartered Bank and entities linked to Blackstone.

The ED has alleged that Experion Capital ultimately secured up to 95 percent of voting power in the committee of creditors (CoC), and that this majority allowed approval of the resolution plan submitted by Experion Developers. The FIR records a statement dated August 23, 2024, from Sachin Gupta, authorised representative of Alchemist ARC, saying that Experion Capital compelled Alchemist ARC to vote in favour of Experion Developers' plan. The FIR also cites a letter dated January 24, 2023, in which Experion Capital directed Alchemist ARC to consult Experion before voting on a resolution plan.

The ED has also been reported to have filed an application with the NCLT alleging misuse of the Insolvency and Bankruptcy Code (IBC) by Experion Developers.

Experion's response

Experion denies the allegations and has called them “baseless.” Its position is that “debt assignments to ECPL were fully paid for, every change was placed before the NCLT, and the updated CoC was publicly reflected on the IBBI website.” Its spokesperson also says the ED had earlier told the Delhi High Court that it intended to attach properties of RS Infrastructure, not Dignity Buildcon.

Court and regulatory status

The Delhi High Court declined interim relief to the petitioners, who had sought to quash the FIR. Justice Girish Kathpalia refused to stay the investigation. The court relisted the case for May 14, 2026, and directed a status report.

The Insolvency and Bankruptcy Board of India (IBBI) said in a written reply to Rajya Sabha member Deepak Prakash that it is taking “appropriate action in respect of alleged contraventions by the concerned Insolvency Professional.” That regulatory action has no date set.

A separate complaint was filed with Gurugram Police on May 27, 2023, against Experion Developers, Arvind Tiku and Hemant Tikoo, arising from a cancellation dispute. A complaint by the Westerlies Resident Welfare Association is pending before HARERA concerning the Dignity Buildcon matter.

No conviction has been recorded against Experion or Arvind Tiku in any of these matters.

What it means for buyers and investors

The FIR is at an early stage and contains allegations that the companies deny. For buyers of Experion projects, the main pending item is the HARERA complaint from the Westerlies Resident Welfare Association. Reports do not quantify any direct effect on buyers, prices, sales or investors.

For investors and lenders, the case centres on how distressed assets and loans were acquired through the insolvency process and how creditor votes were managed. Any outcome could affect how similar IBC resolutions are scrutinised.

What comes next

The case remains with the EOW at the investigation stage. The Delhi High Court has listed the matter for further hearing and has directed a status report. The IBBI action against the insolvency professional is ongoing.