Business · India Bureau
CBI probe into media baron over inflated net worth in ₹980-cr loan case
The Central Bureau of Investigation has registered a criminal case against media tycoon Subhash Chandra for allegedly submitting false net worth certificates to secure loans from a public sector housing finance company. The alleged fraud, involving two facilities totalling ₹980 crore, has resulted in losses exceeding ₹1,322 crore.
LSN India ·
The CBI has booked Subhash Chandra on charges of submitting fabricated net worth documents to Life Insurance Corporation Housing Finance Ltd (LICHFL) to obtain loan approvals that subsequently defaulted, according to officials on Saturday. The case follows a formal complaint filed by LICHFL, which detailed the submission of inflated financial statements used to secure and disburse two major credit facilities.
The first loan facility of ₹500 crore was extended to Vasant Sagar Properties Pvt Ltd with Pan India Infra Projects Pvt Ltd as co-borrower. A second facility worth ₹480 crore was granted to Digital Subscriber Management and Consultancy Services Pvt Ltd with Spirit Infra Power and Multi Ventures Pvt Ltd as co-borrower, according to allegations contained in the first information report.
The housing finance arm of Life Insurance Corporation alleged that Chandra's entities used falsified net worth certificates at the approval and disbursement stages to qualify for the combined ₹980-crore credit package. Both facilities have since turned into non-performing assets, triggering significant losses for the state-owned lender.
No immediate statement was available from the accused. The case marks the latest in a series of investigations into high-profile corporate figures accused of financial irregularities. The CBI will now undertake a detailed probe into the circumstances surrounding the loan approval process and the authenticity of submitted financial documents.