CBI Registers Case Against Subhash Chandra Over Alleged ₹1,322 Crore LIC Housing Finance Loan Fraud
The Central Bureau of Investigation (CBI) has filed a case against Essel Group chairman Subhash Chandra and several others over alleged irregularities involving loans worth more than ₹1,322 crore obtained from LIC Housing Finance Ltd. The FIR, registered on August 31, follows a complaint by LIC Housing Finance, which alleged that Chandra, along with borrower companies and their directors,…
The Central Bureau of Investigation (CBI) has filed charges against Zee founder Subhash Chandra, along with other individuals and companies, for an alleged fraud amounting to ₹1,322 crore involving LIC Housing Finance Limited (LICHFL). Chandra, designated as the primary accused, is accused of criminal conspiracy, cheating, and criminal breach of trust.
The investigation focuses on loan facilities issued by LICHFL for business expansion and rental securitisation, with Chandra providing guarantees for the borrowings. Allegations state that two specific loans, totaling ₹980 crore, were granted based on net worth certificates submitted by Chandra, which he later denied having. If found guilty, Chandra could face significant legal consequences.
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