ED launches money laundering probe against ZEE founder Subhash Chandra:Fresh trouble for media baron in loan fraud case with LICHFL

The Enforcement Directorate (ED) on Monday, 2 November 2026, registered a money laundering case against Zee Group founder Subhash Chandra. The agency will probe the troubled media baron in a loan fraud case that caused a ₹1,322 crore loss to Life Insurance Corporation Housing Finance Limited (LICHFL), officials said to PTI. The officials said the case has been filed under the Prevention of Money Laundering Act (PMLA), taking cognisance of a CBI FIR. ZEE: Case filed against Chandra not company Responding to the charges, a spokesperson for Zee Entertainment Enterprises Ltd (ZEEL) said the ED filed the case against Chandra in his personal capacity and has no bearing on the company or its operations. The company would like to state that the matters pertain to Subhash Chandra and the promoter entities and have no bearing on ZEEL or its operations in any manner,” the spokesperson said. The CBI had earlier filed a case on the complaint of LICHFL, based on which the ED registered the money laundering case.
LICHFL disbursed ₹980 crore loan based on Chandra’s net worth The LICHFL, in its complaint, which is part of the CBI FIR, alleged that Chandra submitted net-worth certificates used to secure the approval and disbursal of two loans totalling ₹980 crore. According to the LICHFL’s complaint in August, the default on these loans caused a loss of ₹1,322 crore. Earlier, the Central Bureau of Investigation (CBI) registered a case against media baron Subhash Chandra over allegations that he used inflated net worth certificates to secure loans from Life Insurance Corporation Housing Finance Ltd (LICHFL). LICHFL alleged that the certificates were used to secure approval and disbursement of two loans, with a combined worth of ₹980 crore. Both loans later turned non-performing, resulting in a claimed loss of more than ₹1,322 crore to the public sector lender, PTI had reported. Two loan facilities named in the case The first facility, worth ₹500 crore, was sanctioned to Vasant Sagar Properties Pvt Ltd, with Pan India Infra Projects Pvt Ltd named as co-borrower. According to the FIR, the loan was approved for takeover, top-up and business expansion. Chandra provided a continuing guarantee for the facility on 28 March, 2018, as part of the security for the loan. The second facility, amounting to ₹480 crore, was extended to Digital Subscriber Management and Consultancy Services Pvt Ltd, with Spirit Infra Power and Multi Ventures Pvt Ltd as co-borrowers. This loan was sanctioned as a rental discounting facility under a rental securitisation scheme and was also backed by a continuing guarantee executed by Chandra, the FIR said. Certificates put net worth in thousands of crores A central allegation in the case relates to the financial declarations submitted by Chandra to support the borrowing arrangements. According to LICHFL’s complaint, which forms the basis of the FIR, a net worth certificate issued by DIM Co on 28 March, 2018, valued Chandra’s net worth at approximately ₹59,000 crore. The certificate was submitted in connection with the ₹500-crore Vasant Sagar facility. For the Digital Subscriber Management loan, another certificate, issued by chartered accountants MPJ Co on 6 July, 2018, placed Chandra’s net worth at ₹40,562 crore. LICHFL said the certificate was among the factors considered while sanctioning the facility. Insolvency proceedings raised questions over declarations The two facilities subsequently went into default, following which proceedings were initiated under the Insolvency and Bankruptcy Code, 2016. It was during those proceedings that Chandra disputed the net worth figures reflected in the certificates submitted to LICHFL, according to the FIR. The CBI document states that Chandra later put his net worth at ₹31.79 crore for 2024. For 2017-18, he reportedly stated that his net worth had been no more than ₹40,000 crore. The difference between those figures and the valuations contained in the certificates has become a key part of the allegations being investigated by the CBI. CBI alleged collusion and misuse of funds The FIR alleged that Chandra acted in collusion with the four borrowing companies and their respective officers and directors to induce LICHFL to release the loans. The agency has alleged that the borrower entities subsequently misappropriated the funds advanced by the lender. The FIR further accused the parties of preparing and using documents containing false or inflated representations of Chandra’s net worth. According to the agency’s allegations, these documents were intended to persuade LICHFL to deploy funds to the principal borrower companies. The CBI had also alleged that the accused breached the trust placed in them by LICHFL by misappropriating the funds.