CBI books Subhash Chandra for allegedly defrauding LIC Housing Finance of Rs 1,322 crore
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The Central Bureau of Investigation has registered a first information report against media baron Subhash Chandra for allegedly defrauding Life Insurance Corporation Housing Finance Limited of Rs 1,322 crore between 2018 and 2026, reported The Wire on Saturday.
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The case against Chandra was registered on August 31 based on a written complaint filed by Neeta Menghani, the general manager of LIC Housing Finance Limited, reported The Indian Express.
The complaint alleged that Chandra had submitted fake certificates with inflated net worth to avail loans.
Apart from him, the CBI has booked Vasant Sagar Properties Private Limited and its director Pankaj Suroliya, Pan India Infrastructure Private Limited, Digital Subscriber Management and Consultancy Services Private Limited and its director Amish Pandya, Spirit Infrapower and Multiventures Private Limited and its director Rajeev Dholakia, reported The Hindu.
LIC Housing Finance had granted a loan of Rs 500 crore to Vasant Sagar Properties Private Limited and Pan India Infraprojects Private Limited in 2018, the newspaper quoted the complaint as saying.
It added that a second loan of Rs 480 crore was extended to Digital Subscriber Management and Consultancy Services Private Limited and to Spirit Infrapower and Multiventures Private Limited.
The FIR alleged that the first loan was granted based on a certificate submitted by Chandra, which said that his net worth was Rs 59,113.21 crore as on...