ED books Subhash Chandra in money laundering case over Rs 1,322-crore loan case

The Enforcement Directorate (ED) has registered a money laundering case against media baron Subhash Chandra over an alleged loan fraud that caused a loss of Rs 1,322 crore to Life Insurance Corporation Housing Finance Limited (LICHFL), officials said on Monday.

The case has been registered under the Prevention of Money Laundering Act (PMLA), based on a CBI FIR alleging that Chandra inflated his net worth to secure loans worth Rs 980 crore from LICHFL and subsequently defaulted on their repayment.