CBI registers case against Subhash Chandra for Rs 1,322 crore fraud

The Central Bureau of Investigation has registered a case against media baron Subhash Chandra and several associates for allegedly defrauding Life Insurance Corporation Housing Finance Limited of approximately Rs 1,322 crore. The case, filed on August 31, 2026, stems from a complaint by the public sector lender, which accused Chandra of submitting inflated net worth certificates to secure two large loans that later defaulted. According to the First Information Report, LIC Housing Finance granted two credit facilities in 2018 based on personal guarantees from Chandra. A Rs 500 crore loan was extended to Vasant Sagar Properties Private Limited and Pan India Infraprojects Private Limited, while a Rs 480 crore facility was provided to Digital Subscriber Management and Consultancy Services Private Limited and Spirit Infrapower and Multiventures Private Limited. The complaint alleges that Chandra submitted net worth certificates to secure these guarantees, one from March 2018 certifying his net worth at approximately Rs 59,113 crore, and another from July 2018 placing it at Rs 40,562 crore. The FIR states that both loans subsequently went into default.