Tamil Nadu

ED files money-laundering case against Subhiksha promoter

R. Subramanian

R. Subramanian  

Move based on a CBI charge sheet for defrauding a bank

The Enforcement Directorate (ED) has registered a money-laundering case against R. Subramanian, promoter and managing director of M/S Subhiksha Trading Services Limited, a retail chain of departmental stores with brand name Subhiksha.

This was based on a charge sheet filed by the Central Bureau of Investigation (CBI) – Bank Security and Fraud Cell, Bengaluru for defrauding Bank of Baroda, Corporate Financial Services Branch, Chennai to the tune of ₹77 crore.

The Economic Offences Wing (EOW) Chennai had registered a criminal case under the TNPID act against R. Subramanian for non-refund of depositors money and interest of around ₹150 crore by M/S Vishwapriya Financial Services Limited when he was the managing director of the company. Subramanian and M/S Subhiksha Trading Services Limited had defaulted on loan amounts of ₹890 crore (including interest) from a consortium of bankers and the cases are pending before the Debt Recovery Appellate Tribunal, Chennai.

According to a statement issued by P. Manikkavel, Joint Director Zone II, Enforcement Directorate, Chennai, one basement commercial flat and two residential flats at Vepery, Chennai were kept in the name of a shell company floated by R. Subramanian and the said properties valued at ₹4.92 crore (guideline value) are being provisionally attached under the provision of the PMLA, 2002.

Judicial custody

Earlier, based on the ED investigations, immovable properties belonging to him worth ₹4.55 crore were attached. He was arrested in February this year and is still under judicial custody in Puzhal Prison. The properties attached so far in this case amount to ₹9.47 crore.

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Printable version | Apr 7, 2020 3:46:50 AM | https://www.thehindu.com/news/national/tamil-nadu/ed-files-money-laundering-case-against-subhiksha-promoter/article23438174.ece

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