The Central Bureau of Investigation has registered a first information report against media baron Subhash Chandra for allegedly defrauding Life Insurance Corporation Housing Finance Limited of Rs 1,322 crore between 2018 and 2026, reported The Wire on Saturday.The case against Chandra was registered on August 31 based on a written complaint filed by Neeta Menghani, the general manager of LIC Housing Finance Limited, reported The Indian Express.The complaint alleged that Chandra had submitted fake certificates with inflated net worth to avail loans.Apart from him, the CBI has booked Vasant Sagar Properties Private Limited and its director Pankaj Suroliya, Pan India Infrastructure Private Limited, Digital Subscriber Management and Consultancy Services Private Limited and its director Amish Pandya, Spirit Infrapower and Multiventures Private Limited and its director Rajeev Dholakia, reported The Hindu.LIC Housing Finance had granted a loan of Rs 500 crore to Vasant Sagar Properties Private Limited and Pan India Infraprojects Private Limited in 2018, the newspaper quoted the complaint as saying.It added that a second loan of Rs 480 crore was extended to Digital Subscriber Management and Consultancy Services Private Limited and to Spirit Infrapower and Multiventures Private Limited.The FIR alleged that the first loan was granted based on a certificate submitted by Chandra, which said that his net worth was Rs 59,113.21 crore as on March 31, 2017, reported The Hindu. Another certificate, dated July 6, 2018, said that his net worth was Rs 40,562 crore.However, during proceedings in his personal insolvency resolution process, Chandra said that his “net worth in 2024 is Rs 31.79 crores and stated that, even in 2017-’18, he did not have a net worth of more than Rs 40,000 crores”, The Wire quoted the complaint as alleging.It further alleged that Chandra had, therefore, “colluded” with the borrowers to “defraud and cheat” LIC Housing Finance, reported The Hindu. The borrowers defaulted on both loans, reported The Indian Express. The outstanding amount in the loan for Vasant Sagar was Rs 570.50 crore, while for the Digital Subscriber facility, it was Rs 507.25 crore.Chandra was a Rajya Sabha MP between 2016 and 2022. He was elected to the Upper House as an Independent candidate backed by the Bharatiya Janata Party.Since 2022, Chandra has been the subject of insolvency proceedings filed by Indiabulls Housing Finance Limited, now known as Sammaan Capital.Chandra had stood as a personal guarantor for a Rs 170 crore loan given to a firm, Vivek Infracon. After the loan turned bad, Indiabulls moved the National Company Law Tribunal in 2022 under Section 95 of the Insolvency and Bankruptcy Code for insolvency proceedings against Chandra. The plea was admitted in 2024.On August 25, National Company Law Tribunal Member (Judicial) Nilesh Sharma allowed him to pay Rs 6.2 crore to creditors against admitted claims of about Rs 22,006 crore in his insolvency process. However, the order was stayed on September 1. Edited by Sneha.