Trouble appears to be mounting for media baron Subhash Chandra as the Central Bureau of Investigation (CBI) has filed an FIR alleging that the Zee founder ‘inflated’ his net worth in order to secure loans of nearly ₹1,000 crore from Life Insurance Corporation Housing Finance Ltd, or LICHFL, news agency PTI reported.
The loan secured by Subhash Chandra later slipped into default and allegedly caused losses of more than ₹1,322 crore to LICHFL.
The FIR from CBI comes at a time when obligations.
According to officials cited by PTI, the investigative agency’s case centres on allegations hat net worth certificates of Subhash Chandra showed him possessing asserts worth tens of thousands of crores. These documents were submitted to LICHFL to secure the approval; and disbursal of two loans amounting to ₹980 crore.
CBI FIR against Subhash Chandra over ₹980 crore LICHFL loans
The complaint filed by, concerns two separate credit facilities extended to companies linked to the transactions.
One was a ₹500 crore facility granted to Vasant Sagar Properties Pvt Ltd, with Pan India Infra Projects Pvt Ltd acting as a co-borrower. The second was a ₹480 crore facility extended to Digital Subscriber Management and Consultancy Services Pvt Ltd, with Spirit Infra Power and Multi Ventures Pvt Ltd named as co-borrower.
According to the FIR, both loans were backed by continuing guarantees executed by Chandra.
The ₹500 crore facility for was sanctioned as a home entity loan intended for takeover, top-up and business expansion. Chandra executed a continuing guarantee for the facility on March 28, 2018.
The ₹480 crore facility for Digital Subscriber Management and Consultancy Services was sanctioned separately as a rental discounting facility under a rental securitisation scheme. This loan, too, was supported by a continuing guarantee executed by Chandra, according to the FIR.
Net worth certificates valued Subhash Chandra at up to ₹59,000 crore
A key element of the CBI investigation concerns Subhash Chandra’s net worth certificates submitted to LICHFL in connection with the loans.
According to the LICHFL’s complaint, one certificate issued by DIM & Co on March 28, 2018 placed Chandra’s net worth at approximately ₹59,000 crore.
A separate certificate, issued by chartered accountants MPJ & Co on July 6, 2018, assessed Chandra’s net worth at ₹40,562 crore. LICHFL said the ₹480 crore Digital Subscriber Management facility was sanctioned partly on the basis of this certification.
The CBI is examining allegations that these documents reflected an inflated and inaccurate assessment of Chandra’s financial position and were used to induce LICHFL to approve and disburse the loans.
Both facilities subsequently went into default, according to the complaint.
Subhash Chandra later pegged net worth at ₹31.79 crore, FIR says
CBI’s FIR points to statements made by Chandra during subsequent proceedings under the Insolvency and Bankruptcy Code, 2016.
According to the investigating agency, Chandra disputed having the level of net worth reflected in the certificates that had earlier been submitted to LICHFL.
The FIR said that in proceedings in 2024, Subhash Chandra placed his net worth at ₹31.79 crore. It further stated that he had assessed his net worth for the financial year 2017-18 at no more than ₹40,000 crore.
CBI FIR alleges cheating, misappropriation of funds
The FIR alleges that Chandra acted in concert with the borrower and co-borrower companies and their officers and directors to obtain the loans from LICHFL.
“Chandra had been acting in collusion with the borrowers Vasant Sagar Properties Pvt Ltd, Pan India Infraprojects Pvt Ltd, Digital Subscriber Management and ConsultancY Services Pvt Ltd, and Spirit Infrapower and Multiventures Pvt Ltd and their officers and directors defrauded and cheated LICHFL into advancing the loans to the borrower entities, which have since misappropriated the same,” the FIR alleged.
The agency has also alleged that false documentation was created to present an inflated net worth and persuade the lender, LICHFL, to release funds to the principal borrowers. “The accused persons breached the trust reposed by LICHFL in misappropriating the funds,” it alleged.