Subhash Chandra booked by CBI in Rs 1,322 crore LICHF loan fraud case

Subhash Chandra CBI FIR LIC Housing Finance loan fraud net worth inflation

The Central Bureau of Investigation (CBI) has registered an FIR against Essel Group founder Subhash Chandra and several others for an alleged Rs 1,322 crore fraud involving LIC Housing Finance Limited (LICHF). The investigation follows allegations that Chandra submitted inflated net worth certificates to secure two major loan facilities in 2018.

According to the complaint, one certificate claimed a net worth of approximately Rs 59,113 crore, while another claimed Rs 40,562 crore. These documents were used to obtain a Rs 500 crore loan for Vasant Sagar Properties and Pan India Infraprojects, and a Rs 480 crore facility for Digital Subscriber Management and Consultancy Services and Spirit Infrapower and Multiventures. Both loans subsequently defaulted.

During later insolvency proceedings, Chandra reportedly disclosed a significantly lower net worth, with claims as low as Rs 31.79 crore in 2024. The CBI is investigating charges of criminal conspiracy, cheating, criminal breach of trust, and criminal misconduct.

Entities

Central Bureau of Investigation · Digital Subscriber Management and Consultancy Services · Essel Group · LIC Housing Finance · LIC Housing Finance Limited · Subhash Chandra · Vasant Sagar Properties

Claims

What the coverage asserts, and how many sources carry each claim.

[● 13 SOURCES] The alleged fraud resulted in a loss of over Rs 1,322 crore to LIC Housing Finance (LICHF) including interest and charges. avnews.in · bhaskarlive.in · hindi.business-standard.com · munsifdaily.com · www.dtnext.in · +8 more
[● 6 SOURCES] One loan facility of Rs 500 crore was extended to Vasant Sagar Properties Pvt Ltd and Pan India Infra Projects Pvt Ltd. bhaskarlive.in · hindi.business-standard.com · munsifdaily.com · www.dtnext.in · www.news9live.com · +1 more
[● 13 SOURCES] Two loans totaling Rs 980 crore were sanctioned based on allegedly inflated net worth certificates. avnews.in · bhaskarlive.in · hindi.business-standard.com · munsifdaily.com · www.dtnext.in · +8 more
[● 13 SOURCES] A certificate issued in March 2018 claimed Subhash Chandra's net worth was approximately Rs 59,113 crore. avnews.in · bhaskarlive.in · hindi.business-standard.com · munsifdaily.com · www.dtnext.in · +8 more
[● 13 SOURCES] The CBI registered an FIR against Subhash Chandra and seven others for alleged cheating and criminal conspiracy. avnews.in · bhaskarlive.in · hindi.business-standard.com · munsifdaily.com · www.dtnext.in · +8 more
[● 6 SOURCES] A second loan facility of Rs 480 crore was extended to Digital Subscriber Management and Consultancy Services Pvt Ltd and Spirit Infra Power and Multi Ventures Pvt Ltd. bhaskarlive.in · hindi.business-standard.com · munsifdaily.com · www.dtnext.in · www.news9live.com · +1 more
[● 6 SOURCES] A second certificate issued in July 2018 claimed a net worth of approximately Rs 40,562 crore. avnews.in · hindi.business-standard.com · munsifdaily.com · www.dtnext.in · hindi.asianetnews.com · +1 more
[● 4 SOURCES] During subsequent insolvency proceedings, Chandra's reported net worth was significantly lower, at approximately Rs 31.79 crore. avnews.in · hindi.asianetnews.com · www.esakal.com · www.thequint.com