CBI books Zee founder in alleged Rs 1,322-cr fraud
In Short
According to the LICHFL complaint to the CBI, which is part of the FIR, a loan facility of Rs 500 crore was given to Vasant Sagar Properties Pvt Ltd and Pan India Infra Projects Pvt Ltd (co-borrower).
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CBI books Zee founder in alleged Rs 1,322-cr fraud
New Delhi: The Central Bureau of Investigation (CBI) has filed a case against Zee founder Subhash Chandra, other private individuals and companies in connection with an alleged fraud worth Rs 1,322 crore involving LIC Housing Finance Limited (LICHFL). Chandra has been named as accused number 1 in the first information report (FIR) filed by the CBI on August 31 under charges of criminal conspiracy, cheating and criminal breach of trust. The allegations pertain to loan facilities extended by LICHFL to different companies for business expansion and rental securitisation, with Chandra providing continuing guarantees for the borrowings.
According to the LICHFL complaint to the CBI, which is part of the FIR, a loan facility of Rs 500 crore was given to Vasant Sagar Properties Pvt Ltd and Pan India Infra Projects Pvt Ltd (co-borrower).
Subsequently, a loan facility of Rs 480 crore was given to Digital Subscriber Management and Consultancy Services Pvt Ltd and Spirit Infrapower and Multiventures Pvt Ltd (co-borrower) as a Rental Discounting facility under the Scheme of Rental Securitisation.
In both instances, lending decisions were taken based on net worth certificates submitted by Chandra in 2018. Chandra had submitted his net worth certificate for the Vasant Sagar loan, certifying that his net worth was Rs 59,113 crore as of March 31, 2017. In the Digital Loan Facility matter, he had given a net worth certificate on July 6, 2018, stating that his net worth was Rs 40,562 crore.
Since then, both loan accounts have defaulted.
The complaint further says that in the course of subsequent proceedings under the Insolvency and Bankruptcy Code for the personal insolvency resolution of Subhash Chandra, “he categorically denied having the net worth as stated in the certificates”, which he submitted to LICHFL to cause approval and disbursal of the loans. Even in 2017-18, he did not have a net worth of more than Rs 40,000 crore.
