India, Sept. 6 -- The Central Bureau of Investigation (CBI) has filed an FIR against Essel Group chairman Subhash Chandra and others. They are accused of inflating Chandra's personal net worth to secure two loans worth Rs 980 crore from LIC Housing Finance Ltd. These loans later defaulted, leading to a reported loss of over Rs 1,322 crore for the public-sector lender. LICHFL filed the complaint on August 31.

The agency registered the case on the same day, alleging criminal conspiracy, cheating, criminal breach of trust, and related offences. Officials said the loans were approved in 2018 based on Chandra's ongoing personal guarantees and two net worth certificates that listed him as extremely wealthy.

The first loan of Rs 500 crore was ...