The Central Bureau of Investigation (CBI) has registered a case against Essel Group Chairman Subhash Chandra and three others over an alleged financial fraud involving around Rs 1,322 crore owed to LIC Housing Finance Ltd (LICHFL). The case marks the latest development in the controversy surrounding Chandra’s financial affairs and personal insolvency proceedings. The accused include Pankaj Suroliya, Amish Pandya and Rajeev Dholakia. The CBI has alleged that the accused cheated LICHFL and conspired to obtain credit facilities on the basis of disputed financial disclosures.
2018 Net Worth Certificate Under Scanner
According to reports, the investigation focuses on a 2018 net worth certificate submitted by Chandra, which declared his net worth at around Rs 59,113 crore. The certificate was reportedly used in connection with loan facilities extended to Vasant Sagar Properties Pvt Ltd and other companies linked to him. LICHFL has subsequently raised questions over statements made by Chandra during insolvency proceedings, particularly his reported denial that he had ever possessed a net worth of Rs 50,000 crore, despite the figures mentioned in the earlier certificates. The agency is expected to examine the financial documents and representations made to the lender as part of its investigation.
Chandra Says He Was Only a Personal Guarantor
The CBI case comes amid a separate controversy over Chandra’s personal insolvency proceedings. Last month, Chandra said he had not personally borrowed money from any lender and was only a personal guarantor for loans taken by companies associated with the Essel Group. He also disputed the widely cited Rs 22,000-crore figure, saying it represented claims linked to guarantees rather than money personally borrowed by him.
LICHFL Exposure and Insolvency Proceedings
LICHFL had an admitted claim of about Rs 1,322.39 crore in Chandra’s insolvency proceedings, while the approved repayment plan provided for about Rs 38.09 lakh to the housing finance company. The latest CBI case adds another layer to the ongoing scrutiny of Chandra’s financial dealings. The allegations are subject to investigation, and the accused have not been convicted of any wrongdoing.
Shamshad Ali is a New Delhi–based journalist with over six years of experience spanning breaking news writing, on-the-ground reporting, and editing. When he isn’t chasing headlines, Shamshad is usually exploring new destinations, discovering hidden culinary gems, and striking up conversations with strangers. Many of whom turn out to be great sources, and even better friends. He can be reached at shamshadali.dar@gmail.com.
The post What is Subhash Chandra’s 1322 Cr Loan Fraud Case and Why His Financial Woes Deepen With CBI Probe appeared first on NewsX.
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