The Central Bureau of Investigation has registered a First Information Report against media baron Subhash Chandra and several companies for allegedly defrauding Life Insurance Corporation Housing Finance Limited.
On August 31, the Central Bureau of Investigation (CBI) registered a First Information Report (FIR) against media baron Subhash Chandra, who is also a former Rajya Sabha MP, for allegedly defrauding Life Insurance Corporation Housing Finance Limited (LIC HFL) of Rs 1,322 crore between 2018 and 2026. The FIR was based on a written complaint filed by Neeta Menghani, the general manager of LIC HFL.
The complaint alleged that Chandra had submitted fake certificates with inflated net worth to avail loans. Apart from him, the CBI has booked Vasant Sagar Properties Private Limited and its director Pankaj Suroliya, Pan India Infrastructure Private Limited, Digital Subscriber Management and Consultancy Services Private Limited and its director Amish Pandya, Spirit Infrapower and Multiventures Private Limited and its director Rajeev Dholakia in connection with the case.
LIC Housing Finance had granted a loan of Rs 500 crore to Vasant Sagar Properties Private Limited and Pan India Infraprojects Private Limited in 2018. The complaint further alleged that a second loan of Rs 480 crore was extended to Digital Subscriber Management and Consultancy Services Private Limited and to Spirit Infrapower and Multiventures Private Limited.
The FIR alleged that the first loan was granted based on a certificate submitted by Chandra, which said that his net worth was Rs 59,113.21 crore as on March 31, 2017. Another certificate, dated July 6, 2018, said that his net worth was Rs 40,562 crore. However, during proceedings in his personal insolvency resolution process, Chandra said that his ‘net worth in 2024 is Rs 31.79 crores and stated that, even in 2017-’18, he did not have a net worth of more than Rs 40,000 crores’.
The borrowers defaulted on both loans, with the outstanding amount in the loan for Vasant Sagar being Rs 570.50 crore, while for the Digital Subscriber facility, it was Rs 507.25 crore.
Source:
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