3 min learnNew DelhiUp to date: Sep 5, 2026 05:57 PM IST
The Central Bureau of Investigation (CBI) has registered an FIR towards Zee founder and Essel Group chairman Subhash Chandra, a number of corporations and their administrators for allegedly inflating his web value to avail loans from Life Insurance coverage Company Housing Finance Ltd (LICHFL). The loans subsequently become defaults, inflicting an alleged lack of over Rs 1,322 crore to the general public sector lender.
The FIR, registered by the CBI’s Banking Securities Fraud Department on August 31, relies on a written grievance filed by Neeta Menghani, common supervisor of LICHFL.
Within the FIR, LICHFL has alleged wrongful lack of over Rs 1,322 crore, plus curiosity and expenses, in relation to 2 mortgage amenities granted in 2018 and secured by private ensures allegedly executed by Chandra.
Other than Chandra, the accused named within the FIR embrace Vasant Sagar Properties Pvt Ltd, its director Pankaj Suroliya, Pan India Infrastructure Pvt Ltd, Digital Subscriber Administration and Consultancy Companies Pvt Ltd, its director Amish Pandya, Spirit Infra Energy and Multi Ventures Pvt Ltd, and its director Rajeev Dholakia, apart from unknown public servants and others.
Two mortgage amenities granted
The grievance says LIC Housing Finance had granted a Rs 500 crore mortgage facility to Vasant Sagar Properties Pvt Ltd and Pan India Infra Initiatives Pvt Ltd. It additionally granted a Rs 480 crore mortgage facility to Digital Subscriber Administration and Consultancy Companies Pvt Ltd and Spirit Infra Energy and Multi Ventures Pvt Ltd.
Each amenities, the grievance alleges, have been secured by letters of constant assure executed by Chandra. The primary assure was allegedly executed on March 28, 2018, and the second on August 10, 2018.
LIC Housing Finance has alleged that the mortgage amenities have been granted on the idea of web value certificates submitted by Chandra. Within the case of the Vasant Sagar mortgage, the grievance says a certificates dated March 28, 2018, confirmed his web value as USD 6,197.62 million, described within the doc as roughly Rs 59,113.21 crore, as of March 31, 2017. For the second mortgage facility, a certificates dated July 6, 2018, allegedly confirmed his web value as Rs 40,562 crore.
Story continues beneath this advert
The grievance additional alleges that in subsequent proceedings referring to Chandra’s private insolvency decision, he denied having the online value mirrored within the certificates submitted to LIC Housing Finance.
The grievance states that he claimed his web value in 2024 was Rs 31.79 crore, and that even in 2017-18, he didn’t have a web value of greater than Rs 40,000 crore.
‘Defaults in each mortgage amenities’
The FIR data that defaults occurred in each mortgage amenities. For the Vasant Sagar facility, the grievance cites an excellent quantity of Rs 570.50 crore, whereas for the Digital Subscriber facility, it cites an excellent quantity of Rs 507.25 crore. The whole alleged wrongful loss has been pegged at Rs 1,322 crore.
LICHFL has alleged that Chandra, appearing in collusion with the borrowing entities, their officers and administrators, induced the lender to advance the loans on the idea of allegedly inflated and false web value paperwork. The grievance additionally alleges misappropriation and misapplication of funds, and claims that belongings of the private guarantor have been stripped to defeat restoration proceedings.
