CBI Takes Action Against Subhash Chandra Over Alleged Loan Fraud Involving ₹1,322 Crore

The CBI has filed a First Information Report against media mogul Subhash Chandra, alleging he inflated his net worth to secure loans from LICHFL, resulting in a loss exceeding ₹1,322 crore. The investigation reveals that Chandra submitted misleading financial documents to obtain substantial loans, which later defaulted. As the case unfolds, the implications for Chandra and the involved companies could be significant. Stay tuned for more updates on this developing story.

By Narendra Chaudhary Sep 5, 2026, 15:04 IST

CBI Files FIR Against Media Tycoon

New Delhi: The Central Bureau of Investigation (CBI) has initiated an FIR against prominent media figure Subhash Chandra, accusing him of inflating his financial status to secure loans from Life Insurance Corporation Housing Finance Ltd (LICHFL). This alleged misconduct has reportedly led to a staggering loss of over ₹1,322 crore for the public sector bank, as stated by officials on Saturday.

LICHFL's complaint, now included in the FIR, claims that Chandra provided inflated net worth certificates to obtain approval and disbursement for two loans amounting to ₹980 crore.

As of now, there has been no response from Chandra regarding the allegations outlined in the FIR.

The complaint details a ₹500 crore loan granted to Vasant Sagar Properties Pvt Ltd, with Pan India Infra Projects Pvt Ltd as a co-borrower, and a ₹480 crore loan to Digital Subscriber Management and Consultancy Services Pvt Ltd, with Spirit Infra Power and Multi Ventures Pvt Ltd as co-borrowers.

The FIR alleges that the ₹500 crore loan to Vasant Sagar was approved as a home entity loan for takeover, business expansion, and top-up, secured by a guarantee signed by Chandra on March 28, 2018.

Similarly, the ₹480 crore loan for Digital Subscriber Management was sanctioned under a rental discounting scheme and was also secured by a guarantee from Chandra.

The lender claims that the net worth certification provided by Chandra, issued by DIM & Co on March 28, 2018, stated his net worth to be approximately ₹59,000 crore.

Furthermore, LICHFL noted that the Digital facility was partly approved based on another net worth certificate from chartered accountants MPJ & Co dated July 6, 2018, which estimated his net worth at ₹40,562 crore.

Both loans eventually fell into default, according to LICHFL.

The FIR indicates that during proceedings under the Insolvency and Bankruptcy Code, 2016, Chandra contested the net worth figures he had previously submitted to LICHFL.

In these proceedings, he claimed his net worth was only ₹31.79 crore in 2024 and no more than ₹40,000 crore in 2017-18.

The FIR alleges that Chandra colluded with the borrowers, including Vasant Sagar Properties Pvt Ltd and others, to defraud LICHFL into granting loans, which were subsequently misappropriated.

Additionally, it is claimed that Chandra fabricated documents to present an inflated net worth, misleading LICHFL into releasing funds to the principal borrowers.

The accused are said to have violated the trust placed in them by LICHFL by misusing the funds.