CBI registers case against Subhash Chandra for cheating LIC Housing Finance for net worth hype to secure Rs 1,322-cr in loans

The FIR claims the borrower companies later defaulted, resulting in an alleged loss of over Rs.1,322 crore to LIC Housing Finance

Team PGurus

September 5, 2026

The FIR claims the borrower companies later defaulted, resulting in an alleged loss of over Rs.1,322 crore to LIC Housing Finance

Fresh trouble for Subhash Chandra as CBI files FIR

After controversies broke out, the Central Bureau of Investigation (CBI) has registered an FIR against debt-sunk media baron Subhash Chandra for inflating his net worth to avail loans from LIC Housing Finance Ltd (LICHFL), which became a default, causing over Rs.1,322 crore loss to the public sector lender. LICHFL said in its complaint to CBI, 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, said the FIR, accusing the media baron.

According to the complaint, the Rs.500 crore Vasant Sagar facility was sanctioned as a home entity loan for takeover, top-up and business expansion, and was secured by a continuing guarantee dated March 28, 2018, executed by Chandra. The Rs.480-crore Digital facility was sanctioned as a rental discounting facility under a rental securitisation scheme under a different loan account, and was secured by a continuing guarantee, also executed by Chandra, it alleged.

According to the lender, the net worth certification submitted by Chandra was issued by DIM & Co on March 28, 2018, certifying his net worth to be at around Rs.59,000 crore. The LICHFL said the Digital facility was sanctioned partly on the basis of a net worth certificate submitted by Chandra, issued by chartered accountants MPJ & Co on July 6, 2018. The certificate put his net worth at Rs.40,562 crore.

The two loans subsequently went into default, according to LICHFL.

According to the FIR, in subsequent proceedings under the Insolvency and Bankruptcy Code, 2016, Chandra denied having the net worth stated in the certificates submitted to LICHFL. During the proceedings, the noted industrialist pegged his net worth in 2024 to be at Rs.31.79 crore, and in 2017-18 at no more than Rs.40,000 crore, the FIR said.

“Subhash 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,” the FIR alleged.

CBI’s FIR said that Chandra created false documents to denote inflated and false net worth to cheat LICHFL into deploying funds to the Principal Borrowers. “The accused persons breached the trust reposed by LICHFL in misappropriating the funds,” it alleged.

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