Subhash Chandra Case: CBI Lodges FIR Against Essel Group Chairman, Others in Rs 1,322 Cr Fraud
The complaint says inflated net-worth certificates helped secure ₹980 crore in loans that later defaulted, officials said.
- On August 31, the Central Bureau of Investigation registered a case against Essel Group chairman Subhash Chandra for allegedly causing a wrongful loss of over ₹1,322 crore to LIC Housing Finance Limited .
- The First Information Report alleges Chandra obtained two credit facilities—₹500 crore and ₹480 crore—by submitting Net Worth Certificates claiming a net worth of ₹40,562 crore to LICHFL.
- Investigators allege Chandra "colluded" with borrower entities to "defraud and cheat" LICHFL, though he disputed these certificates, stating his net worth was not more than ₹40,000 crore.
- A five-member Bench of the National Company Law Tribunal stayed a repayment plan on September 1 that had been cleared four days earlier, barring Chandra from alienating his assets.
- LICHFL's complaint warned that the accused have publicly disclosed intentions to leave India, prompting the agency to register the case urgently to trace assets and prevent their flight.
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CBI books Subhash Chandra for Rs 1,322-crore LICHFL loan fraud
New Delhi: The CBI has registered an FIR against media baron Subhash Chandra for allegedly inflating his net worth to avail loans from the Life Insurance Corporation Housing Finance Limited (LICHFL) and then becoming a defaulter, causing a loss of more than Rs 1,322 crore to the public-sector lender, officials said on Saturday. The LICHFL … Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories…
The CBI has filed an FIR against Subhash Chandra based on a complaint from LIC Housing Finance Ltd. It is alleged that Chandra falsely and inflated his net worth and defrauded LIC Housing Finance.
CBI files case against Subhash Chandra for inflating net worth to secure loans
The CBI case centres on certificates submitted in 2018 to obtain two credit facilities totalling Rs 980 crore. One certificate placed Chandra’s net worth at Rs 59,113 crore. However, during subsequent insolvency proceedings, he reportedly stated that his net worth in 2024 was just Rs 31.79 crore.
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