Punjab Newsline | New Delhi

Central Bureau of Investigation (CBI) has registered an FIR against Zee Group founder Subhash Chandra and three others in connection with an alleged fraud of more than ₹1,322 crore. The case was registered following a complaint by LIC Housing Finance Limited (LIC HFL).

According to the complaint, Subhash Chandra allegedly obtained loans for his companies by submitting net worth certificates that showed his personal net worth at ₹59,113 crore. LIC HFL alleged that the certificates were later disputed by Chandra himself.

The CBI has named Subhash Chandra, Pankaj Surolia, Amish Pandya and Rajiv Dholakia as accused. They have been booked for alleged cheating, criminal breach of trust and criminal conspiracy in connection with transactions between 2018 and 2026.

According to LIC's allegations, Chandra obtained loans in 2018 for M/s Vasant Sagar Properties Private Limited and other companies associated with the Essel Group. LIC HFL sanctioned loans exceeding ₹1,322 crore after considering the net worth certificates submitted in support of the loan applications.

The matter came to light after companies linked to the Essel Group allegedly defaulted on their loan obligations, following which insolvency proceedings were initiated against Chandra.

During the insolvency proceedings, Chandra reportedly claimed that his assets had never been worth as much as stated in the net worth certificates submitted to LIC HFL. He allegedly stated that his actual net worth in 2024 was only ₹31.79 crore and that even in 2017-18, his assets were not worth more than ₹40,000 crore.

Chandra's insolvency proceedings have previously been the subject of controversy. He had reportedly proposed settling liabilities of around ₹22,000 crore by paying ₹6.5 crore, a proposal that was accepted by a single-member bench of the National Company Law Tribunal (NCLT).

Following criticism of the decision, the NCLT constituted a five-member larger bench to hear the matter. Chandra subsequently opposed the constitution of the larger bench.

The latest CBI FIR marks a significant development in the case. Further investigation is expected to establish the circumstances surrounding the alleged submission of the net worth certificates and the sanctioning and subsequent default of the loans.