Subhash Chandra faces ED probe over alleged Rs 1,322 crore LIC Housing Finance fraud
The agency registered the case against the media baron based on an FIR filed by the CBI on August 31.
Black News 
The Enforcement Directorate has registered a money laundering case against media baron Subhash Chandra in connection with an alleged loan fraud that caused a Rs 1,322 crore loss to Life Insurance Corporation Housing Finance Limited between 2018 and 2026, reported PTI op Monday.
On August 31, the Central Bureau of Investigation registered a first information report against Chandra for the alleged fraud on a written complaint filed by Neeta Menghani, the general manager of LIC Housing Finance Limited.
The complaint alleged that Chandra had submitted fake certificates with inflated net worth to avail loans.
The CBI 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 March 31, 2017. Another certificate, dated July 6, 2018, said that his net worth was Rs 40,562 crore.
However, during proceedings in his personal insolvency resolution process, Chandra said that his “net worth in 2024 is Rs 31.79 crores and stated that, even in 2017-’18, he did not have a net worth of more than Rs 40,000 crores”.
The complaint alleged that Chandra had, therefore, “colluded” with the borrowers to “defraud and cheat” LIC Housing Finance.
The borrowers defaulted on both loans. The outstanding amount in the loan for Vasant Sagar was Rs 570.50 crore, while...
