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2 clusters · 23 sources · 15 days · First seen · Last updated

Subhash Chandra LICHF loan fraud investigation

Overview

The Central Bureau of Investigation (CBI) has registered an FIR against Essel Group founder Subhash Chandra and several others regarding an alleged Rs 1,322 crore fraud involving LIC Housing Finance Limited (LICHF).

The investigation centers on allegations that Chandra submitted inflated net worth certificates in 2018 to secure two major loan facilities. One certificate reportedly 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 including criminal conspiracy, cheating, criminal breach of trust, and criminal misconduct.

Entities

Central Bureau of Investigation · PCH Corporation Ltd · Vasant Sagar Properties · LIC Housing Finance · LIC Housing Finance Limited

Timeline

  1. [CRIME] 6 sources
    CBI raids Hyderabad and Odisha in Rs 48.48 crore PNB loan fraud probe

    The CBI conducted raids in Hyderabad and Odisha investigating a Rs 48.48 crore loan fraud involving PCH Corporation, PCH Retail, and Punjab National Bank.

  2. [BUSINESS] 18 sources
    Subhash Chandra booked by CBI in Rs 1,322 crore LICHF loan fraud case

    The CBI has booked Subhash Chandra and others for an alleged Rs 1,322 crore fraud against LIC Housing Finance using inflated net worth certificates to secure loans.

Sources

avnews.in · bhaskarhindi.com · bhaskarlive.in · dtnext.in · english.mathrubhumi.com · esakal.com · hindi.asianetnews.com · hindi.business-standard.com · hindi.webdunia.com · ibtimes.co.in · indiacsr.in · morungexpress.com · munsifdaily.com · newindianexpress.com · news9live.com · newsindialive.in · odishabytes.com · orissapost.com · samacharnama.com · siasat.com · thequint.com · theshillongtimes.com · yespunjab.com