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CBI Files FIR Against Subhash Chandra Over LICHFL Loans
The CBI has opened a case against Subhash Chandra.
It alleges that he showed a much higher net worth than he later reported.
LICHFL says these certificates helped companies receive two large loans.
The loans together were worth Rs 980 crore.
The borrowing companies later stopped repaying the loans.
LICHFL’s claim connected with the loans was reported as more than Rs 1,322 crore.
During later insolvency proceedings, Chandra’s reported net worth was much lower than the figures in the certificates.
Chandra did not immediately respond, and the allegations still have to be tested in court.
The CBI registered an FIR against Subhash Chandra over alleged inflation of his net worth to secure loans from LICHFL.
The two loans totaled Rs 980 crore: Rs 500 crore to Vasant Sagar Properties and Rs 480 crore to Digital Subscriber Management and Consultancy Services.
LICHFL said both facilities later defaulted, with its admitted claim or alleged loss exceeding Rs 1,322 crore.
Net-worth certificates submitted in 2018 valued Chandra’s wealth at approximately Rs 59,000 crore and Rs 40,562 crore.
The FIR alleges collusion, false documents and fund misappropriation; the allegations have not been established by a court, and there was no immediate response from Chandra.
- Who
- The CBI registered an FIR against Subhash Chandra and companies named as borrowers or co-borrowers in LICHFL’s complaint.
- What
- The FIR alleges that inflated net-worth certificates and false documents were used to obtain two loans totaling Rs 980 crore, which later defaulted.
- Where
- The loans were issued by Life Insurance Corporation Housing Finance Limited, and the report was filed from New Delhi.
- When
- The certificates and loan guarantees date mainly from March and July 2018; the FIR was reported on September 5, with one report specifying 2026.
- Why
- LICHFL alleges that inflated financial information and collusion induced it to approve and disburse the loans, leading to a claim or alleged loss exceeding Rs 1,322 crore.
LICHFL and CBI allegations
Subhash Chandra’s reported position
Accuracy of net worth
LICHFL and CBI allegations
LICHFL alleges that certificates submitted for the loans inflated Chandra’s net worth to approximately Rs 59,000 crore and Rs 40,562 crore.
Subhash Chandra’s reported position
According to the FIR, Chandra later denied having the net worth stated in those certificates and put his 2017-18 net worth at no more than Rs 40,000 crore.
Loan approvals and conduct
LICHFL and CBI allegations
The FIR alleges that Chandra colluded with borrower companies, created false documents and induced LICHFL to advance the funds, which were allegedly misappropriated.
Subhash Chandra’s reported position
There was no immediate response from Chandra to the FIR, and the reports do not present a completed defense from him.
Amount owed
LICHFL and CBI allegations
LICHFL says the facilities defaulted and reports a claim or loss exceeding Rs 1,322 crore, separate from the original Rs 980 crore principal.
Subhash Chandra’s reported position
The reports note that the higher figure may include interest and other amounts due under the loan agreements; LICHFL also said it retained rights over secured assets.
Key facts
- Investigating agency
- Central Bureau of Investigation
- Accused
- Subhash Chandra
- Lender
- Life Insurance Corporation Housing Finance Limited (LICHFL)
- Total facilities
- Rs 980 crore
- Loan breakdown
- Rs 500 crore to Vasant Sagar Properties and Rs 480 crore to Digital Subscriber Management and Consultancy Services
- Net-worth certificates
- Approximately Rs 59,000 crore and Rs 40,562 crore, issued in March and July 2018
- Later figures cited
- Rs 31.79 crore in 2024 and no more than Rs 40,000 crore for 2017-18, according to the FIR
- LICHFL claim or alleged loss
- More than Rs 1,322 crore; one report gives an admitted claim of Rs 1,322.39 crore
Quotes
Central Bureau of Investigation FIR
The investigative agency’s FIR alleging collusion, cheating, and misappropriation in connection with the LICHFL loans.
“Chandra had been acting in collusion with the borrowers Vasant Sagar Properties Pvt Ltd, Pan India Infraprojects Pvt Ltd, Digital Subscriber Management and ConsultancY Services Pvt Ltd, and Spirit Infrapower and Multiventures Pvt Ltd and their officers and directors defrauded and cheated LICHFL into advancing the loans to the borrower entities, which have since misappropriated the same”
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theprint.in
“It also alleged that Chandra created false documents to denote inflated and false net worth to cheat LICHFL into deploying funds to the Principal Borrowers.”
theprint.in
Sources
Subhash Chandra’s troubles mount: CBI files FIR alleging net worth ‘inflation’ to secure ₹980 cr loan from LICHFL
CBI FIR against Subhash Chandra for ‘inflation’ of net worth to secure nearly Rs 1,000-cr in loans
CBI registers FIR against Subhash Chandra over alleged LICHFL loan fraud
CBI Files FIR Against Subhash Chandra in Rs 1,000-Cr Loan Fraud Case
CBI books Subhash Chandra over allegations of ‘net worth inflation’ in Rs 1,322 cr LICHFL case
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