The Central Bureau of Investigation has registered an FIR against businessman Subhash Chandra and others in connection with alleged irregularities involving LIC Housing Finance loan facilities. The lender’s reported overall claim is about Rs 1,322 crore after loans sanctioned in 2018 became overdue.
Investigators are examining the documentation used to obtain the facilities, including allegations that net-worth certificates were inflated. The FIR also names other individuals and unidentified officials. These are allegations under investigation; an FIR does not establish guilt.
The development comes alongside Chandra’s personal insolvency proceedings, in which LIC Housing Finance had an admitted claim of about Rs 1,322.39 crore. The case will now turn on the evidence surrounding loan approvals, submitted documents, repayment and the roles of those involved.