Delhi Police EOW registers FIR against Experion entities over Gurugram Sector 62 land case

What happened

The Economic Offences Wing (EOW) of Delhi Police registered an FIR against Experion Developers Private Limited and Experion Capital Private Limited. The case followed a complaint from the Enforcement Directorate (ED), the central agency that investigates money laundering. The FIR is numbered 64/2026. Reports say it was registered in March 2026. One PTI-based copy gives March 23, 2026 as the registration date, citing counsel for the ED in court. The registering unit is EOW, PS Mandir Marg, according to the Daily Pioneer.

The case concerns the insolvency of Dignity Buildcon, a Religare-linked group company, and a 27.86-acre parcel in Sector 62, Gurugram. Dignity Buildcon's own share of the land is about 9.1 to 9.3 acres. Reports differ slightly on that figure.

What the FIR and the ED allege

The allegations below come from the ED and from the FIR as reported by the press. They have not been tested in court.

• Experion Capital bought a loan of ₹490 crore, earlier extended by Standard Chartered Bank to Dignity Buildcon, for ₹160 crore under an agreement dated December 26, 2022.
• That purchase gave Experion Capital 49.3% of voting rights in the Committee of Creditors, which Standard Chartered Bank had held. Some reports put the figure at 60%, and the ED is reported to have alleged up to 95% control.
• Sachin Gupta, authorised representative of Alchemist Asset Reconstruction Company (ARC), is said to have admitted in a statement dated August 23, 2024 that Experion Capital compelled Alchemist ARC to vote for Experion Developers' resolution plan.
• Experion Developers, as successful resolution applicant, is alleged to have acquired Dignity Buildcon for a nominal consideration of Re. 1, along with ₹47 crore in non-convertible debentures, according to submissions reported by Lawbeat.
• Investigators allege a circular financial structure involving about ₹445 crore routed through related entities. The ED says this reduced the real economic burden on the acquiring group.
• The ED says the insolvency process was used to neutralise an earlier PMLA attachment and to gain control of the asset. The ED attached the 27.86-acre land on February 4, 2020.

Dignity Buildcon had borrowed more than ₹992 crore from six financial institutions, including Standard Chartered Bank and entities linked to Blackstone, according to the FIR as reported.

Bids and valuation

A Daily Pioneer report says Experion Developers' bid of ₹660 crore was approved, although competing bids of ₹760 crore (from a group linked to Madhav Dhir and Alok Dhir) and ₹709 crore (from M3M Group) were on the table. This figure comes from one outlet and has not been confirmed by a second source. Separately, The Economic Times reported in March 2023 that Experion had offered ₹450 crore for Dignity Buildcon. That report is cited in secondary coverage and we have not checked the original.

The land's value of over ₹630 crore is stated in PTI copy and has not been independently verified. The ED's own acquisition figure of about ₹332 crore is different from the ₹660 crore bid, and the reports do not reconcile the two.

Experion's response

A spokesperson for Experion Developers called the ED's claims baseless. The company said all debt assignments to Experion Capital were fully paid. It also said the updated Committee of Creditors composition was publicly available on the IBBI website and that the law permits creditors to act as resolution applicants. The date of this statement is not confirmed in the reports we reviewed.

Experion's own website says all relevant phases of its projects are registered with the applicable RERA authorities. We have not verified this on the Haryana RERA portal.

Court and regulator steps

The Delhi High Court refused Experion Developers interim relief and declined to stay the EOW probe, according to a PTI report datelined Gurugram, March 28, 2026. The petitioners were told they could file separate proceedings if advised.

At NCLT, the ED has applied to recall the NCLT Delhi bench's May 2023 order approving the Dignity Buildcon resolution. That application is pending, and we have not found a hearing date.

In a written reply in the Rajya Sabha, the Insolvency and Bankruptcy Board of India (IBBI) said it had initiated proceedings against the insolvency professional who handled the Dignity Buildcon case. Reports from early December 2025 describe this reply. We have not found a timeline or outcome for that action.

Background timeline

• April 24, 2019: NCLT Delhi bench started insolvency proceedings against Dignity Buildcon.
• June 11, 2019: Chandra Prakash was appointed resolution professional by NCLT order.
• February 4, 2020: ED attached the 27.86-acre land, including a 9.1-acre parcel belonging to Dignity Buildcon.
• December 26, 2022: Experion Capital's loan purchase agreement.
• January 18, 2023: Delhi High Court granted a stay on voting.
• May 23, 2023: NCLT Delhi bench concluded the proceedings and named Experion Developers the successful resolution applicant.
• August 23, 2024: Date of the Sachin Gupta statement cited in the FIR.
• Late 2025: ED filed an application at NCLT to recall the May 2023 order.
• March 2026: EOW registers the FIR; Delhi High Court refuses interim relief.

What it means for buyers, investors and the market

No regulator or official has said what the case means for buyers of Experion homes in Sector 62. We found no housing project named Experion Sector 62 with a documented price, configuration, launch date or RERA registration in the reporting we reviewed. The case concerns land and an insolvency process, not a launched housing scheme.

For investors, the case is about title, control and process rather than sales. Its outcome depends on court and regulator steps that are still pending. The FIR is an allegation and no conviction has been recorded. Inventiva reports that none of these strands has yet produced a criminal conviction of Experion or of Arvind Tiku.

Buyers who have a purchase agreement with an Experion entity should check the project's RERA registration on the Haryana RERA portal directly. This is general guidance, not a finding about any particular project.

What comes next

• EOW probe: continues after the High Court refused a stay. Next hearing date not found.
• NCLT: the ED's application to recall the May 2023 order is pending. Hearing date not found.
• IBBI: proceedings against the insolvency professional are under way. Outcome and timeline not found.
• Experion: the company denies the allegations. Any Haryana RERA registration for a Sector 62 project has not been found in our sources.

Status as of the latest reports we reviewed (March 2026 for the court and FIR items; late 2025 for the NCLT application and IBBI reply).