National/Alive News: The Enforcement Directorate (ED) on Monday, November 2, registered a money laundering case against Zee Group founder Subhash Chandra in connection with an alleged loan fraud involving Life Insurance Corporation Housing Finance Limited (LICHFL). The case relates to loans worth ₹980 crore that allegedly caused a loss of ₹1,322 crore to the lender.
Officials said the ED registered the case under the Prevention of Money Laundering Act (PMLA), taking cognisance of an FIR filed by the Central Bureau of Investigation (CBI).
The CBI case was registered following a complaint by LICHFL, which alleged that Chandra submitted inflated net-worth certificates to secure approval and disbursal of two loans. The first loan of ₹500 crore was sanctioned to Vasant Sagar Properties Pvt Ltd, while the second loan of ₹480 crore was granted to Digital Subscriber Management and Consultancy Services Pvt Ltd. Both facilities were backed by personal guarantees from Chandra.
According to the complaint, a certificate issued in March 2018 valued Chandra’s net worth at around ₹59,000 crore. Another certificate, issued in July 2018, placed it at ₹40,562 crore. LICHFL alleged that these financial declarations were used to obtain the loans.
Both loan accounts subsequently turned non-performing. The FIR also stated that Chandra later disputed the net-worth figures during insolvency proceedings.
The CBI has alleged that Chandra, along with the borrowing companies and their officials, conspired to secure the loans through misleading documents and that the funds were subsequently misappropriated. These allegations are under investigation.
Meanwhile, a Zee Entertainment Enterprises Ltd (ZEEL) spokesperson clarified that the ED case concerns Chandra in his personal capacity and has no connection with the company’s operations.
