The Central Bureau of Investigation (CBI) has registered a case against Essel Group Chairman and Zee founder Subhash Chandra and three other people over an alleged financial fraud worth more than Rs 1322 crore owed to LIC Housing Finance Ltd (LICHFL).

A complaint lodged by LICHFL followed the FIR registration, which has accused Chandra, Pankaj Suroliya, Amish Pandya and Rajeev Dholakia of allegedly cheating the company and conspiring to secure credit facilities on the basis of disputed financial disclosures.

Loans allegedly secured by accused on net worth certificates

As per the complaint, Chandra submitted a net worth certificate in 2018, declaring his net worth at Rs 59,113 crore. LICHFL alleged that the certificate was relied upon while extending loan facilities to Vasant Sagar Properties Pvt Ltd and other companies linked to Chandra.

The complaint mentioned that LICHFL subsequently sanctioned credit facilities to 3 companies associated with him.

The company further raised questions over Chandra’s subsequent statements during insolvency proceedings, particularly his denial that he had ever possessed a net worth exceeding Rs 50,000 crore, despite the figures appearing in certificates submitted to LICHFL.

The complaint alleges offences such as cheating, criminal breach of trust and criminal conspiracy.

LICHFL said a Rs 500 crore loan facility had been extended to Vasant Sagar Properties Pvt Ltd and Pan India Infra Projects Pvt Ltd as co-borrower, while another Rs 480-crore facility was sanctioned to Digital Subscriber Management and Consultancy Services Pvt Ltd and Spirit Infra Power and Multi Ventures Pvt Ltd.

In the complaint, it was alleged that the Vasant Sagar facility was granted, among other factors, on the basis of a net worth certificate issued by DIM & Co, which placed Chandra’s net worth at approx Rs 59,113.21 crore as of March 31, 2017.

Similarly, another certificate issued by MPJ & Co, Chartered Accountants, in July 2018, reportedly placed his net worth Rs 40,562 crore.

Chandra disputed net worth claims

According to the complaint lodged by LICHFL, defaults subsequently cropped up in the loan facilities. During proceedings under the Insolvency and Bankruptcy Code, 2016, concerning Chandra’s personal insolvency resolution, he allegedly denied having the net worth reflected in the certificates submitted to LICHFL.

Furthermore, the complaint states that Chandra claimed his net worth in 2024 was Rs 31,79 crore and then even in 2017-18, it had not exceeded Rs 40,000 crore.

Chandra trashes borrowing claims

Chandra issued a statement on August 27, 2026, claiming he had not borrowed money from any lender and was only a personal guarantor. He said the total claim against him as a personal guarantor in the insolvency proceedings was Rs 3,992 crore from creditors who had rejected the resolution plan, rather than the overall claim of Rs 22,000 crore.

Chandra further said that Rs 620 crore of the Rs 3,992-crore amount had already been settled, while borrowing entities had offered to pay another Rs 1,063 crore. While concluding his statements, he claimed that the borrowing entities for which he had provided personal guarantees had repaid Rs 43,000 crore so far and had assured that any further legitimate dues would also be settled.