The Central Bureau of Investigation (CBI) has registered an FIR against Zee founder and Essel Group chairman Subhash Chandra, several companies and their directors over an alleged Rs 1,322 crore loan fraud involving LIC Housing Finance Ltd (LICHFL).
The FIR was registered on August 31 by the CBI’s Banking Securities Fraud Branch following a complaint by LICHFL general manager Neeta Menghani. The lender alleges that loans were sanctioned in 2018 using inflated net worth certificates, with both facilities subsequently defaulting.
Two Loans Under Investigation
According to the complaint, LICHFL sanctioned:
- Rs 500 crore to Vasant Sagar Properties Pvt Ltd and Pan India Infrastructure Pvt Ltd.
- Rs 480 crore to Digital Subscriber Management and Consultancy Services Pvt Ltd and Spirit Infra Power and Multi Ventures Pvt Ltd.
Both facilities were allegedly backed by continuing personal guarantees from Subhash Chandra, dated March 28 and August 10, 2018, respectively.
LICHFL alleges that Chandra’s net worth was shown as USD 6,197.62 million (around Rs 59,113.21 crore) in one certificate and Rs 40,562 crore in another. The lender claims that Chandra later disputed these figures during his personal insolvency proceedings, stating that his net worth was Rs 31.79 crore in 2024 and had not exceeded Rs 40,000 crore in 2017-18.
Defaults and Alleged Loss
The complaint cites outstanding dues of Rs 570.50 crore under the Vasant Sagar facility and Rs 507.25 crore under the Digital Subscriber facility. LICHFL has pegged its total alleged wrongful loss at more than Rs 1,322 crore, including interest and charges.
The accused include Vasant Sagar Properties, Pankaj Suroliya, Pan India Infrastructure, Digital Subscriber Management, Amish Pandya, Spirit Infra Power and Multi Ventures, Rajeev Dholakia, along with Subhash Chandra, unknown public servants and others.
LICHFL has alleged that the borrowers and their directors colluded with Chandra to obtain loans using allegedly false or inflated documents. It has also alleged misappropriation of funds and stripping of assets to frustrate recovery efforts.
The allegations are under investigation, and registration of the FIR does not by itself establish guilt.
