Mumbai Police EOW Book Xrbia Group Promoters In Alleged ₹1,558 Crore Financial Fraud Case
Mumbai: The Shivaji Park police have registered an FIR against promoters and directors of the Xrbia Group and associated companies over an alleged ₹1,558.30 crore financial fraud involving loans, which were allegedly diverted to real estate projects and working capital. The Economic Offences Wing (EOW) is investigating the case. According to the FIR, L&T Finance Ltd, L&T Housing Finance Ltd and…
The Mumbai Police have registered an FIR against the promoters and directors of the Xrbia Group and associated companies, alleging a financial fraud totaling ₹1,558.30 crore. The Economic Offences Wing (EOW) is currently investigating the case, which revolves around loans allegedly diverted to real estate projects and working capital requirements.
L&T Finance Ltd, L&T Housing Finance Ltd, and L&T Infrastructure Finance Company Ltd extended financial facilities to Xrbia Developers and its group companies between 2016 and 2022. The loans were secured against immovable properties, movable assets, and shares, with guarantees from group companies and other guarantors. The borrower, ARCIL, claims the group's dues stood at `1,279.92 crore as of January 2, 2025, including principal, interest, and penal interest.
Allegations include unauthorized transfers of mortgaged properties, sales of units in Xrbia projects without necessary NOCs, and failure to deposit sale proceeds in designated escrow accounts.
Brief written by urgent.news from Free Press Journal's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
