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ED Opens Money Laundering Probe Against Subhash Chandra in Rs 1,322 Crore Loan Case
Officials said the case under the Prevention of Money Laundering Act follows a CBI FIR and alleges two loans totaling ₹980 crore defaulted.
- On Monday, the Enforcement Directorate registered a money laundering case against Essel Group chairman Subhash Chandra in connection with an alleged ₹1,322 crore loan fraud involving LIC Housing Finance Ltd .
- A Central Bureau of Investigation FIR filed in August alleged that Essel Group-linked companies obtained two loans totaling ₹980 crore in 2018 using fraudulent documentation to secure the facilities.
- LICHFL alleged that Chandra secured the facilities by submitting inflated net-worth certificates valued at ₹59,000 crore and ₹40,562 crore, figures he later disputed during insolvency proceedings.
- The National Company Law Tribunal last month approved a repayment plan allowing creditors to recover ₹6.25 crore from Chandra's estate against total claims of ₹22,006 crore.
- Zee Entertainment Enterprises Ltd stated on Sunday that the Enforcement Case Information Report relates to Chandra in his personal capacity and has no bearing on the listed company's operations.
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ED registers money laundering case against Subhash Chandra over alleged Rs 1,322 crore LICHFL loan fraud
The Enforcement Directorate has registered a money laundering case against media baron Subhash Chandra in connection with an alleged loan fraud that caused a Rs 1,322 crore loss to Life Insurance Corporation Housing Finance Limited (LICHFL). Chandra is accused of inflating his net worth to secure and then default on loans.
Money Laundering Case Filed Against Subhash Chandra Over Loan Fraud
Responding to the charges, a spokesperson for Zee Entertainment Enterprises Ltd (Z) said the Enforcement Directorate filed the case against Subash Chandra in his personal capacity and has no bearing on the company or its operations.
·New Delhi, India
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Coverage Details
Total News Sources14
Leaning Left2Leaning Right5Center2Last UpdatedBias Distribution56% Right
Bias Distribution
- 56% of the sources lean Right
56% Right
L 22%
C 22%
R 56%
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