CBI has registered an FIR against four people including Zee Group founder Subhash Chandra in a case of fraud of more than ₹1,322 crore. This action has been taken on the complaint of LIC Housing Finance Limited. LIC alleges that Subhash Chandra obtained huge loans for his companies by submitting fake net worth certificates and later reneged on his real assets. CBI made 4 people including Subhash Chandra accused. On the complaint of LICHFL, CBI has registered a case against Essel Group chief Subhash Chandra, Pankaj Surolia, Amish Pandya and Rajeev Dholakia. All four are accused of conspiring to commit fraud, breach of trust and criminal conspiracy between 2018 and 2026. Subhash Chandra is the head of Essel Group, owner of ‘Zee Media’ and former chairman of ‘Zee Entertainment’. Had shown net worth of ₹59,113 crore to take loan. According to the complaint, Subhash Chandra had availed loan credit facilities for ‘M/s Vasant Sagar Properties Private Limited’ and his other companies in the year 2018. To get the loan sanctioned, he had submitted a ‘net worth certificate’, which showed his personal net worth as ₹59,113 crore. On the basis of this huge net worth, LIC HFL issued loans of more than ₹ 1,322 crore to his companies. Chandra said – My net worth was never ₹ 50,000 crore. When Essel Group companies failed to repay the loans, legal action was initiated against Subhash Chandra to declare him personally bankrupt. During this time, Chandra had admitted in writing that his assets were never as much as shown in the certificates given to LIC HFL at the time of taking the loan. According to the LIC complaint, Chandra admitted that his actual net worth in 2024 is just ₹31.79 crore. He also said that even in 2017-18, his wealth did not exceed ₹40,000 crore. Loan obtained on false claim, loss of public money. Government company LICHFL has said in its complaint that if Subhash Chandra had disclosed his true net worth, he would never have been sanctioned such a huge loan. Getting a loan approved by submitting fake documents and later not returning the money to a public institution is a direct case of criminal forgery and fraud. Offer of only ₹6.5 crore against liabilities of ₹22,000 crore Subhash Chandra’s bankruptcy process has been in controversies earlier also. He had proposed to settle the case by paying only ₹6.5 crore instead of the liability of ₹22,000 crore, which was accepted by the single bench of NCLT. After huge controversy over this decision, NCLT formed a larger bench of 5 judges to hear the case, which Chandra had opposed.
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CBI files FIR against 4 including Subhash Chandra: LIC complains, accused of taking loan of ₹ 1,322 crore by showing fake net worth
