{
  "id": 3187781,
  "title": "Mumbai Police EOW Book Xrbia Group Promoters In Alleged ₹1,558 Crore Financial Fraud Case",
  "url": "https://urgent.news/2026/08/25/mumbai-police-eow-book-xrbia-group-promoters-in-alleged-1-558-crore",
  "topic": "world",
  "section": "World",
  "published": "2026-08-25T04:08:40.000Z",
  "source": {
    "name": "Free Press Journal",
    "slug": "free-press-journal",
    "url": "https://www.freepressjournal.in/mumbai/mumbai-police-eow-book-xrbia-group-promoters-in-alleged-1558-crore-financial-fraud-case"
  },
  "original_language": "en",
  "account": null,
  "summary": "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.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}