Subhash Chandra faces ED probe over alleged Rs 1,322 crore LIC Housing Finance fraud

What happened: The Enforcement Directorate registered a money laundering case against Subhash Chandra over an alleged loan fraud that caused a Rs 1,322 crore loss to LIC Housing Finance Limited, per PTI. Why it matters: The complaint alleged Chandra submitted fake certificates with inflated net worth to obtain loans, and that borrowers defaulted on both loans. The case adds a money laundering probe on top of the CBI FIR.

The Enforcement Directorate registered a money laundering case against Subhash Chandra over an alleged loan fraud that caused a Rs 1,322 crore loss to LIC Housing Finance Limited, per PTI.

The complaint alleged Chandra submitted fake certificates with inflated net worth to obtain loans, and that borrowers defaulted on both loans. The case adds a money laundering probe on top of the CBI FIR.