New Delhi
The Central Bureau of Investigation has booked businessman Subhash Chandra and seven others for allegedly using inflated net worth certificates to secure loans, causing an alleged wrongful loss of more than Rs 1,322 crore to LIC Housing Finance.
The FIR was registered on August 31 by the CBI’s Banking Security and Fraud Branch following a complaint from LICHF General Manager Neeta Menghani, based at the company’s corporate office in Cuffe Parade, Mumbai. The alleged fraud dates back to 2018 and took place in Mumbai and other locations.
The case concerns two loan accounts secured by Chandra’s personal guarantee. The first, Loan Account No. 610700003341, involved a Rs 500 crore facility extended to Vasant Sagar Properties and Pan India Infraprojects. The second, Loan Account No. 610700003500, involved Rs 480 crore sanctioned to Digital Subscriber Management and Consultancy Services and Spirit Infrapower and Multiventures.
Those named alongside Chandra include Vasant Sagar Properties, its director Pankaj Suroliya, Pan India Infrastructure, Digital Subscriber Management and Consultancy Services, its director Amish Pandya, Spirit Infrapower and Multiventures, and its director Rajeev Dholakia.
According to the LICHF complaint, the Vasant Sagar facility was sanctioned partly on the basis of a net worth certificate submitted by Chandra on March 28, 2018. The certificate, issued by DJM & Co, allegedly valued his net worth at $6,197.62 million, or Rs 59,113.21 crore, as of March 31, 2017.
The CBI has invoked provisions relating to criminal conspiracy, cheating, criminal breach of trust and criminal misconduct in the case.
