The Central Bureau of Investigation has registered an FIR towards media baron Subhash Chandra for allegedly inflating his web value to avail loans from Life Insurance coverage Company Housing Finance Ltd (LICHFL), which turned default, inflicting over Rs 1,322 crore loss to the general public sector lender, officers mentioned Saturday.
The LICHFL has alleged in its criticism, which is now a part of the FIR, that Chandra submitted web value certificates that have been used to safe approval and disbursal of two loans totalling Rs 980 crore.
There as no quick response from the accused named within the FIR.
The criticism considerations a Rs 500 crore facility prolonged to Vasant Sagar Properties Pvt Ltd, with Pan India Infra Tasks Pvt Ltd as co-borrower, and a Rs 480 crore facility prolonged to Digital Subscriber Administration and Consultancy Providers Pvt Ltd, with Spirit Infra Energy and Multi Ventures Pvt Ltd as co-borrower, the FIR alleged.
In accordance with the criticism, the Rs 500-crore Vasant Sagar facility was sanctioned as a house entity mortgage for takeover, top-up and enterprise growth, and was secured by a seamless assure dated March 28, 2018, executed by Chandra.
The Rs 480-crore Digital facility was sanctioned as a rental discounting facility below a rental securitisation scheme below the completely different mortgage account, and was secured by a seamless assure, additionally executed by Chandra, it alleged.
In accordance with lender, the online value certification submitted by Chandra was issued by DIM & Co on March 28, 2018, certifying his web value to be at round Rs 59,000 crore.
The LICHFL mentioned the Digital facility was sanctioned partly on the idea of a web value certificates submitted by Chandra, issued by chartered accountants MPJ & Co on July 6, 2018. The certificates put his web value at Rs 40,562 crore.
The 2 loans subsequently went into default, in keeping with LICHFL.
In accordance with the FIR, subsequent proceedings below the Insolvency and Chapter Code, 2016, Chandra denied having the online value said within the certificates submitted to LICHFL.
Throughout the proceedings, the famous industrialist pegged his web value in 2024 to be at Rs 31.79 crore, and in 2017-18 at not more than Rs 40,000 crore, the FIR mentioned.
“Chandra had been appearing in collusion with the debtors Vasant Sagar Properties Pvt Ltd, Pan India Infraprojects Pvt Ltd, Digital Subscriber Administration and ConsultancY Providers Pvt Ltd, and Spirit Infrapower and Multiventures Pvt Ltd and their officers and administrators defrauded and cheated LICHFL into advancing the loans to the borrower entities, which have since misappropriated the identical,” the FIR alleged.
It additionally alleged that Chandra created false paperwork to indicate inflated and false web value to cheat LICHFL into deploying funds to the Principal Debtors.
“The accused individuals breached the belief reposed by LICHFL in misappropriating the funds,” it alleged. PTI
