The New Indian Express ·
CBI books Subhash Chandra, others over alleged Rs 1,322 crore loss to LIC Housing Finance
NEW DELHI: The Central Bureau of Investigation (CBI) has registered an FIR against Essel Group founder Subhash Chandra for allegedly inflating his net worth to avail loans from Life Insurance Corporation Housing Finance Ltd (LICHFL), which became default, causing over Rs 1,322 crore loss to the public sector lender, officials said Saturday.
LICHFL has alleged in its complaint, which is now part of the FIR, that Chandra submitted net worth certificates that were used to secure approval and disbursal of two loans totalling Rs 980 crore.
The complaint concerns a Rs 500 crore facility extended to Vasant Sagar Properties Pvt Ltd, with Pan India Infra Projects Pvt Ltd as co-borrower, and a Rs 480 crore facility extended to Digital Subscriber Management and Consultancy Services Pvt Ltd, with Spirit Infra Power and Multi Ventures Pvt Ltd as co-borrower, the FIR alleged.