CBI Books Zee's Subhash Chandra In ₹1,322 Crore LIC Housing Finance Fraud Case

The Central Bureau of Investigation (CBI) has registered a case against Essel Group Chairman Subhash Chandra and three others for allegedly defrauding LIC Housing Finance Ltd (LICHFL) of more than ₹1,322 crore between 2018 and 2026.

The case was registered on the basis of a complaint filed by LICHFL, which has accused Chandra, along with Pankaj Suroliya, Amish Pandya and Rajeev Dholakia, of cheating, criminal breach of trust and conspiracy.

₹59,113-Crore Net Worth Certificate Under Scanner

According to the complaint, Chandra submitted a net worth certificate in 2018 declaring his net worth at ₹59,113 crore while seeking loan facilities for Vasant Sagar Properties Pvt Ltd and other companies associated with him.

Based on the certificate, LICHFL allegedly sanctioned credit facilities to three companies linked to Chandra, a former Rajya Sabha MP.

The lender later took exception to statements made by Chandra during insolvency proceedings, where he allegedly disputed having the net worth mentioned in the certificates submitted to LICHFL.

LICHFL Alleges Contradictory Net Worth Claims

In its complaint, LICHFL said Chandra had subsequently stated during proceedings under the Insolvency and Bankruptcy Code, 2016, that his net worth in 2024 was ₹31.79 crore.

The complaint further alleged that he had stated that his net worth in 2017-18 was not more than ₹40,000 crore.

LICHFL has alleged that the discrepancy between the net worth certificates submitted for obtaining credit facilities and Chandra’s subsequent statements warranted criminal action.

Insolvency Proceedings Also Under Scrutiny

Chandra’s personal insolvency proceedings have separately attracted attention over the proposed constitution of a five-member National Company Law Tribunal (NCLT) bench.

An earlier NCLT order by a single-member bench had accepted Chandra’s proposal to settle personal guarantees linked to loans taken by a group company by paying ₹6.5 crore against admitted liabilities of more than ₹22,000 crore, triggering controversy.

The latest CBI case concerns the allegations made by LICHFL, and the agency’s investigation will determine the role of the accused and the circumstances surrounding the loans and financial declarations.