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Indian Enforcement Directorate Opens Case Against Essel Group Chairman
The Indian Enforcement Directorate has opened a money laundering case against Subhash Chandra, the chairman of the Essel Group, following a loss reported by LIC Housing Finance of ₹1,322 crore. The case stems from two LIC Housing Finance facilities totaling ₹980 crore. The India Enforcement Directorate is examining potential laundering, while the CBI investigates alleged deception behind the lending decisions. The case involves two loans totaling ₹980 crore, one to Vasant Sagar Properties and the other to Digital Subscriber Management and Consultancy Services, both of which defaulted and reported losses without an explanation for the reported amount.