The Central Bureau of Investigation (CBI) has filed a case against Zee founder Subhash Chandra and a number of individuals and firms over the alleged misappropriation of Rs 1,322 crore from LIC Housing Finance Limited (LICHFL).
The CBI in the FIR filed on August 31 have named Chandra as Accused No. 1. Allegations of criminal conspiracy, cheating and criminal breach of trust in the case.
The complains made by LICHFL are related to loan facilities for business expansion and rental securitisation to various companies. Continuing guarantees had been given by Chandra for the borrowings.
One of the loans was sanctioned at Rs 500 crore to Vasant Sagar Properties Pvt Ltd, along with Pan India Infra Projects Pvt Ltd, as a co-borrower. Under Rental Discounting, another Rs 480 crore facility was extended to Digital Subscriber Management and Consultancy Services Pvt Ltd whose co-borrower is Spirit Infrapower and Multiventures Pvt Ltd.
The lending was done based on the net worth certificates submitted by Chandra in 2018, the complaint alleges. He had earlier certified his net worth at Rs 59,113 crore as of March 31, 2017 for the Vasant Sagar loan. He gave a certificate dated July 6, 2018, stating his net worth to be Rs 40,562 crore in the Digital Subscriber Management matter.
Both loans defaulted and were subsequently in default.
In the LICHFL complaint, it is also alleged that Chandra denied in the proceedings under the Insolvency and Bankruptcy Code regarding his personal insolvency resolution that he had the net worth mentioned in the certificates sent to LICHFL. The grievance alleges that he was not having a net worth of more than Rs 40,000 crore in 2017-18, making it questionable what information was used for his approval and disbursal of the loans.