IndiaBreaking
ED files PMLA case over Rs 1,322 crore LICHFL loss
The Hindu·
The Enforcement Directorate has registered a money laundering case against Subhash Chandra. Officials linked it to an alleged loan fraud that caused a Rs 1,322 crore loss to LICHFL. The agency took cognisance of a CBI FIR under the Prevention of Money Laundering Act. LICHFL said two loans totalling Rs 980 crore later went into default.
Prism
What It Means For You
- The ED case follows a CBI FIR based on LICHFL's complaint about the defaulted loans.
- Creditors challenged an NCLT plan that would recover about Rs 6.5 crore from Chandra's personal estate.
- Zee Entertainment said the ECIR is addressed to Chandra in his personal capacity.
What's Happening
- LICHFL alleged Chandra submitted net-worth certificates to secure approval of the two loans.
- One facility was Rs 500 crore to Vasant Sagar Properties; another was Rs 480 crore to a digital services firm.
- Officials said Chandra is alleged to have inflated his net worth and then defaulted.
How the Loan Dispute Unfolded
- The CBI FIR stems from LICHFL's August complaint on the alleged Rs 1,322 crore loss.
- HT reported immigration authorities issued a look-out circular against Chandra at exit points.
- During insolvency proceedings, Chandra pegged his 2024 net worth at Rs 31.79 crore, the FIR says.
all-newstop-storieseditors-pickstrending-nowdaily-roundup