CBI files case against Zee founder Subhash Chandra in Rs 1,322 crore fraud case
2 sources · India
Who reported this
- The Indian Express
- Hindustan Times
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The Central Bureau of Investigation (CBI) has booked Zee founder Subhash Chandra in connection with an alleged fraud worth Rs 1,322 crore involving LIC Housing Finance Limited (LICHFL). Chandra is named as accused number 1 in the first information report (FIR) filed on August 31. The charges include criminal conspiracy, cheating, and criminal breach of trust.
The allegations center on loan facilities extended by LICHFL to various companies for business expansion and rental securitisation, for which Chandra provided continuing guarantees. Specifically, a loan of Rs 500 crore was given to Vasant Sagar Properties Pvt Ltd and Pan India Infra Projects Pvt. Ltd. while a loan of Rs 480 crore was provided to Digital Subscriber Management and Consultancy Services Pvt. Ltd. and Spirit Infrapower and Multiventures Pvt. Ltd.
According to the complaint, these lending decisions were based on net worth certificates submitted by Chandra in 2018, which claimed his net worth was Rs 59,113 crore as of March 2017 and Rs 40,562 crore in July 2018. Both loan accounts have since defaulted. LICHFL alleges that during insolvency proceedings, Chandra denied having the net worth stated in those certificates. The complaint further claims that the accused persons may attempt to leave India.
Other parties named in the FIR include Vasant Sagar Properties, Pan India Infrastructure, Digital Subscriber Management, Spirit Infrapower and Multiventures, and several directors. Separately, the National Company Law Tribunal (NCLT) recently approved a repayment plan for Chandra involving Rs 6.5 crore, though a five member bench later stayed that order.
How each side framed it
- Centre
- The center lean outlet provided a concise report focusing on the legal action taken by the CBI.
- Centre-right
- The center-right lean outlet provided a detailed breakdown of the specific loan amounts, the alleged misrepresentation of net worth, and the potential flight risk of the accused.
Sources
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