Subhash Chandra case: CBI lodges FIR against Essel Group chairman, others in Rs 1,322 cr fraud

The Central Bureau of Investigation (CBI) registered an FIR against Essel Group chairman Subhash Chandra and three others on Saturday over an alleged Rs 1,322-crore fraud involving LIC Housing Finance (LICHFL), officials said.

According to the FIR, the case centres on allegations that Chandra inflated his net worth in certificates submitted to LICHFL to secure approval and disbursal of two loans totalling Rs 980 crore, which subsequently went into default. There was no immediate reaction from Chandra or the other accused named in the FIR.