CBI books Subhash Chandra for inflating net worth to get ₹1,000-cr in loans

The CBI has registered an FIR against media baron 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. The 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. There as no immediate reaction from the accused named in the FIR. 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. According to the complaint, the Rs 500-crore Vasant Sagar facility was sanctioned as a home entity loan