CBI Books Zee Founder Subhash Chandra in ₹1,322 Crore LIC Housing Finance Fraud Case
In a significant escalation of legal troubles for media mogul Subhash Chandra, the Central Bureau of Investigation (CBI) has registered a formal case against the Zee founder and several other private entities. The investigation centers on an alleged financial fraud amounting to ₹1,322 crore involving LIC Housing Finance Limited (LICHFL).
According to the First Information Report (FIR) filed on August 31, Chandra has been named as accused number one. The central investigative agency has invoked serious charges, including criminal conspiracy, cheating, and criminal breach of trust, as it begins to probe the circumstances surrounding massive loan defaults linked to companies associated with the businessman.
Allegations of Fabricated Net Worth
The core of the LICHFL complaint rests on the integrity of the financial documents submitted to secure credit. The housing finance provider alleges that substantial loan facilities were approved and disbursed based on misleading net worth certificates provided by Chandra between 2017 and 2018.
Records indicate that for a ₹500 crore loan facility extended to Vasant Sagar Properties Pvt Ltd and Pan India Infra Projects, Chandra certified his personal net worth at an staggering ₹59,113 crore. Similarly, for a separate ₹480 crore rental discounting facility granted to Digital Subscriber Management and Consultancy Services and Spirit Infrapower, he claimed a net worth of over ₹40,562 crore.
However, the complaint notes a stark contradiction that emerged during later insolvency proceedings. When faced with the Insolvency and Bankruptcy Code (IBC) process, Chandra reportedly denied holding the wealth he had previously documented to gain loan approvals. LICHFL asserts that even during the period the loans were sanctioned, Chandra’s actual net worth was significantly lower than the figures presented, suggesting a deliberate attempt to manipulate lending criteria.
Conspiracy and Potential Flight Risk
LICHFL’s complaint to the CBI highlights a calculated “connivance” among the accused to defraud the institution. The lender has expressed deep concern regarding the possibility of the accused fleeing the country. Fearing that the proceeds of the loans may be siphoned off, the complainant requested an urgent probe to track assets and prevent the suspects from leaving India.
In addition to Subhash Chandra, the CBI’s FIR names several corporate entities and their directors, including Pankaj Suroliya of Vasant Sagar Properties, Amish Pandya of Digital Subscriber Management, and Rajeev Dholakia of Spirit Infrapower.
Ongoing Insolvency Battles
The timing of the FIR coincides with a turbulent period for Chandra regarding his personal debt obligations. The National Company Law Tribunal (NCLT) had recently moved to approve a repayment plan that would have seen the media founder pay a relatively modest sum of ₹6.5 crore toward a staggering original claim of over ₹22,000 crore.
This NCLT order, which faced severe criticism for the disparity between the debt and the proposed settlement, was subsequently stayed by a five-member bench. As the CBI investigation gains momentum, the legal scrutiny surrounding these financial disclosures and the ensuing defaults marks a critical chapter in the accountability of high-profile borrowers within the Indian financial system.
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