Archive · 25 Aug 2026
Xrbia Promoters Booked in Alleged ₹1,558 Crore Fraud
Police in Mumbai have opened a case involving the Xrbia Group and several related companies.
The case concerns loans totaling about ₹1,558.30 crore.
The loans were given for building projects, land projects and business expenses.
The lender later transferred its rights to recover the money to ARCIL.
ARCIL says about ₹1,279.92 crore was still owed on January 2, 2025.
It alleges that some secured properties and homes were sold without permission.
It also says some sale money was not placed in the required accounts.
The Economic Offences Wing is investigating, and the allegations have not yet been proven in court.
Mumbai Police registered an FIR against Xrbia Group promoters, directors and associated companies over an alleged ₹1,558.30 crore financial fraud.
L&T Finance entities extended loans to Xrbia companies between 2016 and 2022 for real estate projects and working capital.
Asset Reconstruction Company (India) Ltd said outstanding dues reached about ₹1,279.92 crore as of January 2, 2025.
ARCIL alleged that secured properties and project units were transferred or sold without required consent, permissions or escrow deposits.
The FIR followed a court order, and the Economic Offences Wing is conducting the investigation.
- Who
- Mumbai Police’s Economic Offences Wing is investigating promoters Rahul Nahar and Vishal Nahar, Xrbia Developers, other Xrbia Group entities, and associated companies named in the FIR.
- What
- An FIR was registered over an alleged ₹1,558.30 crore financial fraud involving loans allegedly diverted to real estate projects and working capital.
- When
- The loans were extended between 2016 and 2022; ARCIL reported dues of about ₹1,279.92 crore as of January 2, 2025, and the FIR was registered after a court order.
- Where
- The case was registered by Shivaji Park police in Mumbai and involves properties and projects including secured property in Balewadi, Pune.
- Why
- ARCIL alleged that borrowers failed to repay dues, maintain security cover, obtain required permissions for certain transfers and sales, and deposit proceeds into designated escrow accounts.
- Alleged amount
- ₹1,558.30 crore
- Outstanding dues claimed
- About ₹1,279.92 crore as of January 2, 2025
- Lenders
- L&T Finance Ltd, L&T Housing Finance Ltd and L&T Infrastructure Finance Company Ltd
- Borrowers
- Xrbia Developers and its group companies
- Loan period
- 2016 to 2022
- Rights assigned to
- Asset Reconstruction Company (India) Ltd on March 29, 2023
- Investigating agency
- Mumbai Police Economic Offences Wing