The Enforcement Directorate registered an Enforcement Case Information Report following an earlier Central Bureau of Investigation case naming Subhash Chandra and eight others. LIC Housing Finance triggered the action after reporting defaults on ₹980 crore in loans sanctioned to four Essel Group-linked firms in 2018. Investigators allege the borrowing was secured through inflated net-worth statements that eventually caused a wrongful loss of ₹1,322.39 crore. Authorities are also scrutinizing whether public officials facilitated the asset stripping and loan misappropriation.
Key points
The money laundering investigation against Subhash Chandra follows an initial August crim…: The money laundering investigation against Subhash Chandra follows an initial August criminal complaint registered by the Central Bureau of Investigation.
Zee Entertainment Enterprises stated the investigation involves Chandra personally and ha…: Zee Entertainment Enterprises stated the investigation involves Chandra personally and has no operational impact on the listed company.
Investigators are probing criminal conspiracy, asset stripping, and whether public offici…: Investigators are probing criminal conspiracy, asset stripping, and whether public officials colluded in the alleged loan fraud.
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According to people familiar with the development, the ED filed an Enforcement Case Information Report (ECIR) against Chandra after the Central Bureau of Investigation registered an FIR against him and eight others.
The ECIR is an internal document at the ED to formally initiate an investigation, but is not mandatorily required to be shared with the accused. A predicate case filed by the police or other investigative agencies is a must for the ED to probe money laundering.
Zee Entertainment Enterprises Ltd, which is part of the Essel Group, said on Sunday that the ECIR related to Chandra in his personal capacity and certain promoter entities, and had no bearing on the listed company's operations.
The CBI registered the FIR in August based on a complaint by LIC Housing Finance over two loan facilities aggregating ₹980 crore sanctioned in 2018 to four Essel Group-linked companies. The lender alleged that the loans were secured using inflated net-worth certificates submitted by Chandra, who personally guaranteed the facilities. The lender has pegged its alleged wrongful loss…
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