Mumbai Police EOW Book Xrbia Group Promoters In Alleged ₹1,558 Crore Financial Fraud Case
· Free Press Journal
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.
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According to the FIR, 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 meant for residential and commercial real estate projects, plotting projects and working capital requirements.
The loans were secured against immovable properties, movable assets and shares, besides guarantees furnished by group companies and other guarantors. On March 29, 2023, L&T Finance assigned its rights in the loans and underlying securities to Asset Reconstruction Company (India) Ltd (ARCIL), which became entitled to recover the outstanding dues.
Bombay HC Seeks Maharashtra Govt Response To Hotel Pawan’s ₹50.62 Lakh Compensation ClaimARCIL alleged that the group’s dues stood at around `1,279.92 crore as of January 2, 2025, including principal, interest and penal interest. Despite repeated demands, the borrowers allegedly failed to repay the dues or maintain the required security cover.
The complaint alleged that mortgaged properties, including portions of secured property at Balewadi in Pune, were transferred without the lender’s consent. ARCIL also alleged that units in several Xrbia projects were sold without required NOCs, with some allegedly sold below the minimum sale price. Sale proceeds required to be deposited in designated escrow accounts were allegedly not deposited.
The FIR was registered following a court order. Those named include promoters Rahul Nahar and Vishal Nahar, Xrbia Developers and several group entities. The EOW is conducting further probe.
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