CBI Files FIR Against Subhash Chandra for Alleged Net Worth Inflation
What Happened
The CBI has registered an FIR against Essel Group founder Subhash Chandra, alleging that inflated net-worth certificates were used to secure two loans worth nearly ₹980 crore from LIC Housing Finance Ltd (LICHFL). The lender claims the loans later turned into defaults, resulting in an alleged loss of over ₹1,322 crore.
Key Takeaways
The case centres on allegations that overstated net-worth declarations helped secure large loans from a public-sector lender. The investigation is expected to examine the authenticity of the financial disclosures, the role of guarantors, and potential fraud in the loan approval process.