New Delhi, September 5, 2026 (Yes Punjab News)
The CBI has registered a case against businessman Subhash Chandra and seven others over alleged fraud involving loans from LIC Housing Finance (LICHF), with the agency alleging that inflated net worth certificates were used to secure credit facilities and cause a wrongful loss of more than Rs 1,322 crore.
The FIR was registered on August 31 on a complaint filed by LICHF General Manager Neeta Menghani at the company’s corporate office in Cuffe Parade, Mumbai. The case was registered by the CBI’s Banking Security and Fraud Branch over alleged offences dating back to 2018 in Mumbai and other places.
Besides Chandra, the FIR names Vasant Sagar Properties, Pankaj Suroliya, director of Vasant Sagar Properties, Pan India Infrastructure, Digital Subscriber Management and Consultancy Services, Amish Pandya, director of Digital Subscriber Management and Consultancy Services, Spirit Infrapower and Multiventures, and its director Rajeev Dholakia.
The complaint concerns Loan Account Nos. 610700003341 and 610700003500, both secured by Chandra’s personal guarantee.
According to the LICHF complaint, the first account involved a Rs 500 crore facility to Vasant Sagar Properties and Pan India Infraprojects, while the second involved a Rs 480 crore facility to Digital Subscriber Management and Consultancy Services and Spirit Infrapower and Multiventures.
LICHF alleged that the Vasant Sagar facility was sanctioned partly on the basis of a net worth certificate submitted by Chandra on March 28, 2018. Issued by DJM & Co, the certificate put his net worth at $6,197.62 million, equivalent to Rs 59,113.21 crore, as of March 31, 2017.
Similarly, the complaint said the Digital facility was sanctioned partly on the basis of a July 6, 2018, net worth certificate issued by chartered accountants MPJ & Co., which stated Chandra’s net worth at Rs 40,562 crore.
The CBI FIR alleges that the accused misrepresented information to LICHF to obtain loans, resulting in alleged wrongful gain to themselves and a wrongful loss of public money amounting to Rs 1,322 crore.
The agency has invoked provisions relating to criminal conspiracy, criminal breach of trust, cheating and alleged criminal misconduct under the IPC and the Prevention of Corruption Act.
CBI Superintendent of Police Roshan Lal Yadav approved registration of the regular case after the complaint was found to prima facie disclose the alleged offences.
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