Enforcement Directorate Registers Money Laundering Case Against Subhash Chandra in Rs 1,322 Crore LICHFL Fraud

Enforcement Directorate Registers Money Laundering Case Against Subhash Chandra in Rs 1,322 Crore LICHFL Fraud

NEW DELHI, November 2, 2026 (VoM News): The Enforcement Directorate (ED) has registered a money laundering case against media baron Subhash Chandra over an alleged loan fraud that caused a loss of Rs 1,322 crore to LIC Housing Finance Limited (LICHFL), officials said on Monday.

The case was registered under the Prevention of Money Laundering Act following a Central Bureau of Investigation (CBI) FIR based on a complaint by the housing finance company.

According to the complaint, Chandra allegedly submitted inflated net-worth certificates to secure two loans worth Rs 980 crore. The facilities included a Rs 500 crore loan to Vasant Sagar Properties Private Limited and a Rs 480 crore facility to Digital Subscriber Management and Consultancy Services Private Limited, with other companies acting as co-borrowers.

LICHFL alleged that the loans were secured partly through personal guarantees and certificates claiming Chandra’s net worth stood at approximately Rs 59,000 crore and Rs 40,562 crore. Both facilities subsequently defaulted, according to the complaint.

The CBI FIR alleges that Chandra and the borrower entities colluded to obtain the funds through false documents. These allegations have not been established in court.

A Zee Entertainment Enterprises spokesperson said the proceedings concern Chandra personally and promoter entities, adding that they have no bearing on the company’s operations.

LICHFL has also challenged an insolvency repayment plan under which creditors could recover about Rs 6.5 crore against claims of approximately Rs 22,006 crore from Chandra’s personal estate.

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