Archive · 6 Sep 2026
CBI Books Subhash Chandra Over Alleged LIC Housing Loan Fraud
The CBI has opened a criminal case against Subhash Chandra and several companies.
The case involves two loans from LIC Housing Finance Limited made in 2018.
Together, the loans were worth ₹980 crore.
The lender says certificates showed very high net-worth figures for Chandra when the loans were approved.
Both loans later became overdue.
LIC Housing Finance says it suffered a loss of more than ₹1,322 crore when interest and charges are included.
Chandra reportedly gave a different account of his wealth during later insolvency proceedings.
The investigation will examine whether false documents were used and who was responsible, but no finding of guilt has been reported.
The Central Bureau of Investigation (CBI) registered an FIR on August 31 against Subhash Chandra, several companies, their directors and unidentified individuals.
LIC Housing Finance Limited alleges that inflated net-worth certificates helped secure two 2018 loan facilities totaling ₹980 crore.
A ₹500-crore facility was granted to Vasant Sagar Properties and Pan India Infrastructure for business expansion, backed by Chandra's personal guarantee.
A separate ₹480-crore rental-discounting facility was granted to Digital Subscriber Management and Consultancy Services and Spirit Infrapower and Multiventures.
Both facilities defaulted; the lender reported outstanding dues of ₹570.50 crore and ₹507.25 crore and alleged wrongful loss exceeding ₹1,322 crore, including interest and charges.
- Who
- The CBI named Subhash Chandra, borrower companies, their directors, unidentified individuals and public servants; LIC Housing Finance Limited filed the complaint.
- What
- An FIR concerns alleged cheating, criminal conspiracy, criminal breach of trust, document irregularities and possible misapplication of funds linked to two housing-finance loans.
- When
- The loan facilities were sanctioned in March and August 2018, and the FIR was registered on August 31.
- Where
- The case was registered by the CBI's Banking Securities Fraud Branch after a complaint was submitted to the CBI Head Office.
- Why
- LIC Housing Finance alleges that inflated or false net-worth documents and related misrepresentations 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 certificates submitted for the loans showed Chandra's net worth at ₹59,113.21 crore as of March 31, 2017, and ₹40,562 crore in another certificate dated July 6, 2018.
Subhash Chandra's reported position
According to the lender's complaint, Chandra later said during personal insolvency proceedings that his net worth was ₹31.79 crore in 2024 and had not exceeded ₹40,000 crore in 2017-18.
Loan conduct and responsibility
LIC Housing Finance and CBI allegations
The complaint alleges that Chandra, the borrowing entities and their officers or directors acted together, used false or inflated documents and misapplied funds to obtain the loans.
Subhash Chandra's reported position
The supplied reports do not include a detailed response from Chandra or the other accused. The CBI investigation is ongoing and will examine the transactions and individual responsibility.
Scale of alleged loss
LIC Housing Finance and CBI allegations
LICHFL places the alleged wrongful loss above ₹1,322 crore, including interest and charges, after both facilities defaulted.
Subhash Chandra's reported position
The sources report outstanding amounts totaling ₹1,077.75 crore; the difference from the lender's ₹1,322-crore figure is attributed in the reports to interest and charges.
- Investigating agency
- Central Bureau of Investigation (CBI)
- Lender
- LIC Housing Finance Limited (LICHFL)
- Total sanctioned facilities
- ₹980 crore across two facilities granted in 2018
- First facility
- ₹500 crore granted to Vasant Sagar Properties and Pan India Infrastructure, described in sources as a business-expansion facility
- Second facility
- ₹480 crore granted to Digital Subscriber Management and Consultancy Services and Spirit Infrapower and Multiventures under a rental-discounting arrangement
- Reported outstanding dues
- ₹570.50 crore for the Vasant Sagar facility and ₹507.25 crore for the Digital Subscriber facility
- Net-worth figures cited
- Certificates allegedly cited ₹59,113.21 crore and ₹40,562 crore; Chandra reportedly stated that his net worth was ₹31.79 crore in 2024
- Alleged loss
- LICHFL alleges wrongful loss exceeding ₹1,322 crore, plus interest and charges; the sources separately report ₹1,077.75 crore in stated outstanding dues
Sources
CBI books Subhash Chandra for allegedly defrauding LIC Housing Finance of Rs 1,322 crore
CBI books Subhash Chandra in Rs 1,322 crore LIC Housing Finance fraud case
Subhash Chandra Booked by CBI in Rs 1,322-Crore LIC Housing Finance Fraud Case
CBI Registers Case Against Subhash Chandra Over Alleged ₹1,322 Crore LIC Housing Finance Loan Fraud
CBI books Zee founder in Rs 1,322 crore fraud case over LIC Housing loans - Telegraph India
