New Delhi, Sep 5 (IANS) Alleging the use of inflated net worth certificates for loans, the CBI booked businessman Subhash Chandra and seven others for cheating and criminal conspiracy that led to an alleged wrongful loss of over Rs 1,322 crore to LIC Housing Finance (LICHF), an official said on Saturday.
The FIR, under penal provisions for criminal conspiracy, cheating, criminal breach of trust and criminal misconduct, was registered on August 31 on the complaint of LICHF General Manager Neeta Menghani, who works in the company’s corporate office at Cuffe Parade, Mumbai.
The CBI’s Banking Security and Fraud Branch registered FIR No: RC0742026E0007 on the LICHF’s complaint that the fraud took place from 2018 onwards in Mumbai and other places.
Others named in the FIR include: Vasant Sagar Properties, Churchgate, Mumbai; Pankaj Suroliya, Director of Vasant Sagar Properties; Pan India Infrastructure, Lower Parel, Mumbai; Digital Subscriber Management and Consultancy Services, Lower Parel, Mumbai; Amish Pandya, Director of Digital Subscriber Management and Consultancy Services; Spirit Infrapower and Multiventures, Mumbai; and Rajeev Dholakia, Director of Spirit Infrapower and Multiventures, Mumbai.
The complaint is related to alleged fraud in Loan Account No. 610700003341 and Loan Account No. 610700003500 that were secured by the personal guarantee of Subhash Chandra.
Loan Account No 610700003341 involved a Rs 500 crore facility to Vasant Sagar Properties and Pan India Infraprojects, while Loan Account No. 610700003500 pertained to a loan facility of Rs 480 crore to Digital Subscriber Management and Consultancy Services and Spirit Infrapower and Multiventures, said the LICHF complaint.
Citing the two loan matters, the LICHF said that the Vasant Sagar Loan Facility was granted inter alia on the basis of the Net Worth Certificate submitted by Subhash Chandra dated March 28, 2018, issued by DJM & Co, certifying that his net worth was $6,197.62 million (Rs 59,113.21 crores) as on March 31, 2017.
“Similarly, the Digital Loan Facility was granted inter alia on the basis of the Net Worth Certificate submitted by Subhash Chandra, issued by MPJ & Co., Chartered Accountants on July 6, 2018, certifying that his net worth was Rs 40,562 crore,” said the LICHF complaint filed nearly a decade after the loan was sanctioned.
The FIR said, “A written complaint dated 31.08.2026 has been received from Neeta Menghani against Subhash Chandra and others for the offences of criminal conspiracy, cheating, misappropriation of funds, criminal breach of trust and criminal misconduct, thereby, causing wrongful gain to themselves and wrongful loss of public money to the complainant to the tune of Rs 1,322 crores by misrepresenting the LIC Housing Finance Ltd in availing loans and thus, the accused persons/companies defrauded and cheated the LICHFL.”
“The aforesaid complaint received from LIC Housing Finance Ltd prima facie discloses commission of offences U/s 120B read with 409, 420 IPC and Section 13(2) read with 13(1)(d) of the Prevention of Corruption Act, 1988 and 13(1 )(a) of PC Act (as amended in 2018) by the above-named accused persons/companies. Therefore, a Regular Case (RC) is registered…” said CBI Superintendent of Police Roshan Lal Yadav while giving a go-ahead for the registration of the FIR.
–IANS
rch/uk