Zee Entertainment on Sunday night clarified that the company has no bearing on matters pertaining to Subhash Chandra and the alleged misappropriation of a loan worth ₹1,322 crore.
The company put out its statement in context of the Enforcement Case Information Report (ECIR) after Chandra and others were booked on charges of misappropriating a loan borrowed from LIC Housing Finance.
“The Company would like to state that the matters are pertaining to Dr. Subhash Chandra and the promoter entities and have no bearing on ‘Z’ or its operations in any manner,” said a Zee Spokesperson.
The CBI investigation began following a complaint received from LICHFL on August 31, accusing Chandra and others of cheating, criminal conspiracy, and criminal breach of trust in connection with defaulted loan facilities.
It granted a loan of ₹500 crore to Vasant Sagar Properties Private Ltd and Pan India Infra Projects Private Ltd for business expansion after receiving a “letter of continuing guarantee” from Subhash Chandra on March 28, 2018. Chandra also provided a certificate issued by DJM & Co. stating that his net worth was ₹59,113.21 crore as of March 31, 2017.
The complaint also mentioned how Chandra “categorically denied having the net worth stated in the certificates” he had submitted to LICHFL for approval of the loans during insolvency proceedings.
Published on November 1, 2026
