CBI has filed an FIR against Essel Group Chairman Subhash Chandra and several individuals for allegedly defrauding LIC Housing Finance Limited (LICHFL) of around Rs 1,322 crore. The Central Bureau of Investigation (CBI) filed the FIR on Friday against Subhash Chandra, his sons Yuvraj Singh and Dhruv Singh Chandra, and former LICHFL Managing Director Amit Ayan.

According to sources, CBI has alleged that Subhash Chandra, his family members, and others had embezzled funds from LICHFL through various means. The FIR states that the alleged fraud involved misappropriation of funds meant for investing in affordable housing projects under the government’s affordable housing scheme.

The CBI has also found evidence of a large-scale fraud at LICHFL, involving a group of company officials and promoters who allegedly siphoned off millions of rupees from the firm. The agency claimed to have uncovered documents showing that these individuals had diverted funds meant for investment in affordable housing projects.

According to sources, Subhash Chandra and his sons were the main accused in this case. They are alleged to have misused LICHFL’s funds to purchase luxury properties, including a Rs 150-crore property in Bengaluru, and made several large loans from other companies. CBI also found evidence of money laundering involving these individuals.

This FIR marks a significant development in the ongoing probe into LIC Housing Finance’s alleged financial irregularities. In April this year, the CBI registered an FIR against former LICHFL Managing Director Amit Ayan and some others on charges of allegedly causing a loss of around Rs 1,100 crore to the firm.