ED investigates Subhash Chandra over alleged loan fraud

Crime · First reported 2 Nov, 07:21 · Updated 09:04

Image: Wikimedia Commons · Fikkar Bonggi · CC BY-SA 4.0

The Enforcement Directorate has opened a money-laundering investigation into Subhash Chandra over alleged loan fraud involving a reported Rs 1,322 crore loss to LIC Housing Finance. A Zee Entertainment spokesperson said the case concerns Chandra personally and does not affect the company or its operations.

The ED initiated a money-laundering investigation into Chandra over alleged loan fraud that reportedly caused LIC Housing Finance a Rs 1,322 crore loss.
Officials alleged that Chandra inflated his net worth to obtain loans and later defaulted; the case was filed under the Prevention of Money Laundering Act.
A Zee Entertainment spokesperson said the case was against Chandra in his personal capacity and had no bearing on the company or its operations.

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Key facts

Reported loss: Rs 1,322 crore to LIC Housing Finance.
Law cited: Prevention of Money Laundering Act.
Company response: Zee Entertainment said the case against Chandra in his personal capacity had no bearing on the company or its operations.