The complainant alleged that it had granted two credit score services on Subhash Chandra’s private ensures executed in 2018. File
| Picture Credit score: The Hindu
The Central Bureau of Investigation (CBI) has registered a case in opposition to businessman Subhash Chandra and others for allegedly inflicting a wrongful lack of over ₹1,322 crore to LIC Housing Finance Limited (LICHFL) via misrepresentation of info.
These named within the First Data Report (FIR) embody Mr. Chandra, Vasant Sagar Properties Personal Restricted and its director Pankaj Suroliya, Pan India Infrastructure Personal Restricted, Digital Subscriber Administration and Consultancy Companies Personal Restricted and its director Amish Pandya, Spirit Infrapower and Multiventures Personal Restricted and its director Rajeev Dholakia, and unidentified others.
LICHFL lodged a criticism with the company on August 31, 2026, and the case was registered the identical day. The complainant alleged that LICHFL had granted two credit score services primarily based on Mr. Chandra’s private ensures executed in 2018.
One mortgage of ₹500 crore was sanctioned for Vasant Sagar Properties Personal Restricted and Pan India Infraprojects Personal Restricted (co-borrower), and the second was of ₹480 crore to Digital Subscriber Administration and Consultancy Companies Personal Restricted and Spirit Infrapower and Multiventures Personal Restricted (co-borrower).
In keeping with the FIR, the Vasant Sagar mortgage facility was granted primarily based on a Web Price Certificates submitted by Mr. Chandra, testifying that his web price was ₹59,113.21 crore as on March 31, 2017. One other Web Price Certificates, issued by a chartered accountancy agency on July 6, 2018, licensed that his web price was ₹40,562 crore.
The FIR alleged that in the middle of subsequent proceedings beneath the Insolvency & Chapter Code for the non-public insolvency decision of Mr. Chandra, he categorically denied having the online price acknowledged within the certificates submitted to LICHFL for approval and disbursal of the loans.
In the midst of proceedings, he allegedly acknowledged that his web price in 2024 was ₹31.79 crore and that even in 2017-18 he didn’t have a web price of greater than ₹40,000 crore. The company’s criticism alleged that Mr. Chandra had, due to this fact, “colluded” with the debtors to “defraud and cheat” LICHFL in advancing the loans to the borrower entities, which “misappropriated” the identical.
LICHFL additionally accused Mr. Chandra of making false paperwork to indicate inflated and bogus web price. “The accused individuals have publicly disclosed their intention to depart India and are doubtless to take action, except an FIR is registered and an investigation is undertaken on the earliest to hint the proceeds of the mortgage and property of the accused individuals,” stated the criticism.
On August 25, a Bench of the Nationwide Firm Regulation Tribunal (NCLT) had accepted a reimbursement plan requiring Mr. Chandra, chairman of the Essel Group, to pay ₹6.25 crore to settle his particular person legal responsibility as a private guarantor. The full admitted declare worth stands at ₹22,006.57 crore in opposition to company money owed.
Nonetheless, on September 1, a five-member Bench of the Tribunal stayed the ruling and likewise barred Mr. Chandra from alienating his property. The Essel Group chairman has opposed the formation of the five-member Bench to resolve his private insolvency case, arguing that the Tribunal doesn’t have such an influence.
Revealed – September 05, 2026 03:43 pm IST
