The Enforcement Directorate (ED) has launched a money laundering investigation against Essel Group chairperson and Zee founder Subhash Chandra over loans worth ₹980 crore extended by LIC Housing Finance Limited (LICHFL) to two group companies.
The investigation follows a CBI FIR alleging that the loans caused LICHFL a loss of ₹1,322 crore. Chandra, who provided personal guarantees for the borrowings, has been named as an accused in the case.
The loans were issued to Vasant Sagar and Digital Subscriber Management and Consultancy Services, with other group companies acting as co-borrowers. Both accounts subsequently defaulted.
According to the CBI, Chandra submitted net-worth certificates in 2018 claiming assets exceeding ₹40,000 crore to secure the loans, but later denied having such wealth during insolvency proceedings.
The ED has registered an Enforcement Case Information Report under the Prevention of Money Laundering Act. The CBI has also sought a lookout circular against Chandra.
Zee Entertainment said the investigation concerns Chandra and promoter entities in their personal capacities and has no impact on the company’s operations.
The case comes amid ongoing insolvency proceedings involving Chandra, whose repayment plan was recently approved by the NCLT before being stayed by a larger bench.
