The CBI filed an FIR on August 31 against Zee founder Subhash Chandra for allegedly misleading LIC Housing Finance Limited to secure loans resulting in a ₹1,322 crore loss.
Investigators allege Chandra submitted false net worth certificates in 2018, claiming assets of ₹59,113 crore and ₹40,562 crore to obtain credit for two companies, Vasant Sagar Properties and Digital Subscriber Management.
Immigration authorities have issued a look-out circular against Chandra at all ports and airports, while the NCLT recently approved a separate repayment plan of ₹6.25 crore for the businessman.