New Delhi: The Central Bureau of Investigation (CBI) has registered an FIR against media entrepreneur Subhash Chandra over allegations that his net worth was inflated to secure loans totalling Rs 980 crore from LIC Housing Finance Limited (LICHFL).
According to the FIR, LICHFL has alleged that defaults on the loans caused losses exceeding Rs 1,322 crore to the public-sector lender. There was no immediate response from those named in the FIR.
What LICHFL Has Alleged
The complaint alleges that net-worth certificates submitted by Chandra were considered while sanctioning and disbursing two loans.
One facility of Rs 500 crore was extended to Vasant Sagar Properties Private Limited, with Pan India Infra Projects Private Limited as co-borrower.
Another Rs 480 crore facility was provided to Digital Subscriber Management and Consultancy Services Private Limited, with Spirit Infra Power and Multi Ventures Private Limited as co-borrower.
Chandra had provided continuing guarantees for both facilities, according to the FIR.
Net-Worth Certificates Under Scanner
LICHFL alleged that a certificate issued by DJM and Co. in March 2018 placed Chandra’s net worth at around Rs 59,000 crore.
Another certificate, issued by MPJ and Co. in July 2018, valued his net worth at Rs 40,562 crore.
The two loans subsequently went into default, the lender alleged.
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The FIR claims that during subsequent proceedings under the Insolvency and Bankruptcy Code, Chandra disputed having the net worth mentioned in certificates submitted to LICHFL.
It states that Chandra pegged his net worth in 2024 at Rs 31.79 crore and said his net worth in 2017-18 was no more than Rs 40,000 crore.
Lender Opposed Repayment Plan
LICHFL was also among lenders that approached the NCLAT against an NCLT-approved repayment plan.
Under the plan, creditors would reportedly recover about Rs 6.5 crore from Chandra’s personal estate against claims of around Rs 22,006 crore.
The CBI FIR alleges cheating, use of false documents and misappropriation of funds. The allegations remain subject to investigation and have not been judicially established.
