ED registers money laundering case against Subhash Chandra over loan fraud
The agency is investigating an alleged fraud that caused a ₹1,322 crore loss to LICHFL.
The Enforcement Directorate (ED) registered a money laundering case against Zee Group founder Subhash Chandra on Monday, 2 November 2026, according to reports by Bhaskar English, Business Standard and The Hindu. The agency is taking cognisance of a Central Bureau of Investigation (CBI) FIR regarding an alleged loan fraud that resulted in a ₹1,322 crore loss to Life Insurance Corporation Housing Finance Limited (LICHFL).
The investigation follows allegations that Chandra used inflated net-worth certificates to secure two loans totalling ₹980 crore. One facility of ₹500 crore was sanctioned to Vasant Sagar Properties Private Limited, with Pan India Infra Projects Private Limited as co-borrower, while a ₹480 crore facility was extended to Digital Subscriber Management and Consultancy Services Private Limited, with Spirit Infra Power and Multi Ventures Private Limited as co-borrower.
LICHFL alleged that a certificate from DJM and Co on 28 March 2018 valued Chandra's net worth at approximately ₹59,000 crore. Another certificate from MPJ and Co on 6 July 2018 valued his net worth at ₹40,562 crore. The lender claimed these figures were used to obtain the loans, which later defaulted.
A spokesperson for Zee Entertainment Enterprises Ltd (ZEEL) stated that the ED's action against Chandra is in his personal capacity. The spokesperson added that the matter involves Chandra and promoter entities and does not affect the operations or status of ZEEL.
The CBI FIR alleges that Chandra acted in collusion with the borrowing companies to induce LICHFL to release funds, which were then misappropriated. During insolvency proceedings, Chandra reportedly disputed the previous valuations, stating his 2024 net worth was ₹31.79 crore.