The Central Bureau of Investigation (CBI) has registered a first information report against media baron Subhash Chandra for allegedly defrauding Life Insurance Corporation Housing Finance Limited of Rs 1,322 crore between 2018 and 2026. This article provides additional details about the case.
The CBI has booked several entities and individuals in connection with the alleged fraud, apart from Subhash Chandra. These include 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. The borrowers involved in the case are alleged to have defaulted on loans worth Rs 570.50 crore (Vasant Sagar) and Rs 507.25 crore (Digital Subscriber Management).
According to the complaint filed by Neeta Menghani, the general manager of LIC Housing Finance Limited, Chandra submitted fake certificates with inflated net worth to avail loans. Specifically, a certificate submitted in March 31, 2017, claimed a net worth of Rs 59,113.21 crore, while another certificate dated July 6, 2018, stated a net worth of Rs 40,562 crore. However, during his personal insolvency resolution process, Chandra admitted to having a net worth of only Rs 31.79 crores in 2024 and claimed that even in 2017-'18, his net worth was not more than Rs 40,000 crores.
Chandra was an Rajya Sabha MP between 2016 and 2022. He was elected as an Independent candidate backed by the Bharatiya Janata Party. Since 2022, he has been the subject of insolvency proceedings filed by Indiabulls Housing Finance Limited (now known as Sammaan Capital) over a Rs 170 crore loan given to a firm, Vivek Infracon.
Source:
Scroll.in
