ED opens new probe against Subhash Chandra
The Enforcement Directorate (ED) has initiated a probe against Essel Group chairman Subhash Chandra in connection with an alleged ₹1,322 crore loan fraud involving LIC Housing Finance Ltd. The Central Bureau of Investigation (CBI) registered an FIR against Chandra and eight others in August, based on a complaint by LIC Housing Finance over two loan facilities aggregating ₹980 crore sanctioned in 2018.
The ED filed an Enforcement Case Information Report (ECIR) against Chandra, though it is not mandatory to share this document with the accused. LIC Housing Finance alleged that Chandra, in collusion with the borrower companies and their directors, induced it to disburse the loans by submitting false and inflated documents. The CBI is investigating allegations of criminal conspiracy, cheating, criminal breach of trust, and misappropriation of loan funds against the accused.
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