The case was registered following a complaint by LIC Housing Finance. Besides Chandra, the CBI has named Pankaj Suroliya, Amish Pandya and Rajeev Dholakia as accused.
The allegations include cheating, criminal breach of trust and criminal conspiracy.
Loans and guarantees
LICHFL said it sanctioned two facilities in 2018, both secured by letters of continuing guarantee executed by Chandra:
- A ₹500-crore home entity loan, involving a takeover and top-up for business expansion, was sanctioned to Vasant Sagar Properties Pvt. Ltd., with Pan India Infraprojects Pvt. Ltd. as co-borrower, under loan account 610700003341. The guarantee was dated March 28, 2018.
- A ₹480-crore rental discounting facility under a rental securitisation scheme was sanctioned to Digital Subscriber Management and Consultancy Services Pvt. Ltd., with Spirit Infrapower and Multiventures Pvt. Ltd. as co-borrower, under loan account 610700003500. The guarantee was dated August 10, 2018.
Both accounts subsequently defaulted. LICHFL’s admitted claim in related insolvency proceedings has been reported at around ₹1,322 crore.
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Net-worth certificates at the centre of the complaint
LICHFL alleged that the facilities were sanctioned, among other things, on the basis of net-worth certificates submitted by Chandra.
For the Vasant Sagar facility, a certificate dated March 28, 2018, issued by DJM & Co., stated that his net worth as of March 31, 2017, was USD 6,197.62 million, equivalent to about ₹59,113.21 crore.
For the Digital facility, a certificate dated July 6, 2018, issued by MPJ & Co., Chartered Accountants, certified his net worth at ₹40,562 crore.
In personal insolvency proceedings under the Insolvency and Bankruptcy Code, Chandra later denied having the net worth reflected in those certificates. He stated that his net worth in 2024 was ₹31.79 crore and that even in 2017-18, it did not exceed ₹40,000 crore.
LICHFL has treated the alleged contradiction between the certificates and Chandra’s subsequent statements as central to its allegation of fraudulent inducement.
The case is at an early stage. The CBI is expected to examine the certificates, loan files, guarantees and Chandra’s statements made during the insolvency proceedings.
Chandra has previously said that he did not personally borrow the money and had acted as a guarantor for group companies. He had not issued a detailed public response to the CBI FIR as of Saturday.
