A Rs 630 crore land deal in Gurugram has come under the scanner after the Delhi Police's Economic Offences Wing registered an FIR against Experion Developers and Experion Capital over alleged fraud and financial irregularities.

The action follows a complaint by the Enforcement Directorate and findings highlighted in a Zee News investigation, bringing a high-stakes real estate transaction into sharp focus.

According to a report by the Press Trust of India, the case relates to a prime land parcel in Sector 62, Gurugram, where authorities suspect that the acquisition process may have been manipulated to secure the asset at a significantly lower valuation. The FIR marks a major escalation in a case that had been under scrutiny for several months, with investigators now examining the financial and legal trail behind the deal.

At the centre of the probe is Dignity Buildcon Private Limited, which had reportedly taken loans exceeding Rs 992 crore from multiple financial institutions, including Standard Chartered Bank and entities linked to Blackstone, to acquire land in Gurugram, PTI reported. Investigators have raised concerns after it emerged that Experion Developers allegedly sought to acquire these assets at around Rs 332 crore, a steep discount compared to the outstanding loan value.

The Enforcement Directorate has alleged that when a direct acquisition was not possible, the group may have pursued an indirect route by purchasing portions of distressed loans to gain influence within the Committee of Creditors. As part of this strategy, exposure worth over Rs 494 crore from Standard Chartered Bank was reportedly acquired at a much lower value, securing nearly half of the voting rights, PTI reported. Another loan of around Rs 58 crore linked to Blackstone entities was also allegedly purchased at a discounted rate, adding further voting strength.

Investigators believe these transactions may have enabled the group to consolidate significant control within the Committee of Creditors, raising concerns about a potential conflict of interest. If proven, the same entity acting as both buyer and decision-maker in the insolvency process would violate established norms that require independent decision-making by creditors.

The probe has also flagged the role of Alchemist ARC, which held a sizeable share of voting rights. According to findings cited by the Enforcement Directorate, a company representative has alleged that pressure was exerted to support the resolution plan linked to Experion Capital.

With the FIR now registered, the Delhi Police has begun a detailed investigation to examine whether financial structures, creditor voting and disclosures were manipulated to facilitate the transaction.

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