ED registers money laundering case against Subhash Chandra over loan fraud
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Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The Enforcement Directorate registered a money laundering case against media baron Subhash Chandra on Monday.
- ✓Officials said the case involves an alleged loan fraud causing a ₹1,322 crore loss to LICHFL.
- ✓Chandra reportedly inflated his net worth to get loans and later defaulted.
Story at a Glance
- Category
- MARKET
- Reported By
- Business Standard
- Reading Speed
- 4 Minute(s)
- Market Focus
- India Economy
Subhash Chandra, chairman of Essel Group and founder and chairman emeritus of Zee Entertainment Enterprises
The Enforcement Directorate has registered a money laundering case against media baron Subhash Chandra in connection with an alleged loan fraud that caused a ₹1,322 crore loss to Life Insurance Corporation Housing Finance Limited (LICHFL), officials said on Monday.
Chandra is alleged to have inflated his net worth to avail loans from LICHFL and then defaulted on them.
The officials said the case has been filed under the Prevention of Money Laundering Act (PMLA), taking cognisance of a CBI FIR.
A comment from Chandra is awaited.
The CBI had earlier filed a case on the complaint of LICHFL, based on which the ED registered the money laundering case.
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