Business & Finance
Zee Entertainment Declares No Involvement in Subhash Chandra Loan Misappropriation Case
Zee Entertainment issued a statement on Sunday night saying it has no connection to the alleged misappropriation of a ₹1,322‑crore loan involving its founder, Subhash Chandra. The company’s comment came after Chandra and others were booked on charges of misappropriating a loan from LIC Housing Finance, as detailed in the Enforcement Case Information Report (ECIR). A Zee spokesperson said, “The matters are pertaining to Dr. Subhash Chandra and the promoter entities and have no bearing on ‘Z’ or its operations in any manner.” The Central Bureau of Investigation began its probe following a complaint from LIC Housing Finance Limited (LICHFL) on August 31. The complaint accuses Chandra and others of cheating, criminal conspiracy and criminal breach of trust related to defaulted loan facilities. LICHFL had granted a ₹500‑crore loan to Vasant Sagar Properties Private Ltd and Pan India Infra Projects Private Ltd after receiving a letter of continuing guarantee from Chandra on March 28, 2018. Chandra also submitted a certificate from DJM & Co. stating his net worth was ₹59,113.21 crore as of March 31, 2017. The complaint notes that Chandra categorically denied having the net worth stated in the certificates he had submitted to LICHFL for loan approval during insolvency proceedings. Published on November 1, 2026
Frequently asked questions
What is Zee Entertainment's stance on the alleged loan misappropriation involving Subhash Chandra?
Zee Entertainment stated it has no connection to the alleged misappropriation of a ₹1,322‑crore loan involving founder Subhash Chandra, and that the matters pertain only to Dr. Subhash Chandra and promoter entities.
How much loan was allegedly misappropriated in the case?
The alleged misappropriation involves a ₹1,322‑crore loan.
Who filed the complaint that led to the CBI probe?
LIC Housing Finance Limited filed a complaint on August 31, accusing Subhash Chandra and others of cheating, criminal conspiracy, and criminal breach of trust related to defaulted loan facilities.