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CBI Books Subhash Chandra in ₹1,322 Crore LIC Housing Fraud
The CBI has started a case against Subhash Chandra and several companies.
The case concerns loans obtained from LIC Housing Finance.
The lender says incorrect and inflated wealth figures were used to secure the loans.
One loan was for ₹500 crore, and another was for ₹480 crore.
Both loans were supported by personal guarantees allegedly given by Chandra.
The loans later fell into default.
The lender says the total alleged loss is more than ₹1,322 crore, plus interest and charges.
Chandra later disputed the wealth figures during insolvency proceedings.
No court has determined guilt in this case, and the CBI is still investigating.
The CBI registered an FIR on August 31 against Subhash Chandra, companies and their directors over alleged loan fraud.
LIC Housing Finance alleged that inflated net-worth certificates were used to obtain two loan facilities in 2018.
The first facility was a ₹500 crore business-expansion loan to Vasant Sagar Properties and Pan India Infraprojects.
The second was a ₹480 crore rental-discounting facility for Digital Subscriber Management and Consultancy Services and co-borrowers.
The loans later defaulted, with reported outstanding dues of ₹570.50 crore and ₹507.25 crore; the investigation is ongoing.
- Who
- The CBI has named Subhash Chandra, borrower companies, their directors, other unidentified individuals and public servants.
- What
- An FIR concerns alleged cheating, criminal conspiracy and criminal breach of trust involving two LIC Housing Finance loan facilities and an alleged loss exceeding ₹1,322 crore.
- Where
- The case was registered by the CBI’s Banking Securities Fraud Branch based on a complaint submitted to the CBI Head Office.
- When
- The FIR was registered on August 31; the loan facilities were sanctioned in March and August 2018.
- Why
- LIC Housing Finance alleged that inflated net-worth information and false documents were used to obtain loans that later defaulted.
LIC Housing Finance and CBI allegations
Subhash Chandra’s reported position
Net-worth information
LIC Housing Finance and CBI allegations
LIC Housing Finance alleges that incorrect or inflated net-worth certificates, including figures of ₹59,113 crore and ₹40,562 crore, helped secure the loans.
Subhash Chandra’s reported position
During personal insolvency proceedings, Subhash Chandra reportedly disputed the figures and said his net worth had not crossed ₹40,000 crore even during 2017–18.
Loan conduct and responsibility
LIC Housing Finance and CBI allegations
The lender alleges that false documents were created and that borrower companies and their officials acted together to obtain the facilities, which later defaulted.
Subhash Chandra’s reported position
The articles do not report a detailed response from Chandra or the other accused to the fraud allegations; the CBI investigation is intended to establish the facts and responsibilities.
Key facts
- Investigating agency
- Central Bureau of Investigation (CBI)
- Lender
- LIC Housing Finance Limited
- Alleged loss
- More than ₹1,322 crore, plus interest and charges
- First facility
- ₹500 crore loan sanctioned in March 2018 to Vasant Sagar Properties Pvt Ltd and Pan India Infraprojects Pvt Ltd for business expansion
- Second facility
- ₹480 crore rental-discounting facility sanctioned in August 2018 to Digital Subscriber Management and Consultancy Services Pvt Ltd and Spirit Infrapower and Multiventures Pvt Ltd
- Reported outstanding dues
- ₹570.50 crore for the Vasant Sagar facility and ₹507.25 crore for the Digital Subscriber Management facility
- Net-worth figures cited
- Certificates reportedly stated ₹59,113 crore and ₹40,562 crore, while Chandra declared net worth of ₹31.79 crore in 2024
Sources
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