CHENNAI: The Enforcement Directorate has attached shares and four immovable properties worth
Rs 50.02 crore, belonging to R Subramanian, the promoter and managing director of Subiksha Trading Services, who was arrested by the Enforcement Directorate for money laundering under the Prevention of Money Laundering Act (PMLA).
Subramanian, whose retail chain of stores with the brand name of ‘Subiksha’, sells products in fast moving commercial goods (FMCG), pharma, groceries, fruits, vegetables, apart from seasonal retail business and telecom products, was arrested after he was charge-sheeted earlier in a bank fraud case by the Central Bureau of Investigation, (Bank Security & Fraud Cell), Bangalore, in 2013, for defrauding Bank of Baroda, Corporate Financial Services Branch in Chennai, to the tune of Rs 77 crore.
During the course of the Enforcement Directorate investigation, it came to light that the Economic Offence Wing (EOW), Chennai, had also registered a Criminal Case under The Tamil Nadu Protection of Interests of Depositors Act against the accused R Subramanian, for non-refund of depositors’ money and interest, approximately around Rs 150 crore, by Vishwapriya Financial Services Limited wherein, R Subramanian was the Managing Director of the Company.
It was also found that R Subramanian and Subhiksha Trading Services Limited, has defaulted the loan amount to the tune of Rs 890 crore (approximately, including interest), from a consortium of bankers and the cases are pending before the Debt Recovery Appellate Tribunal, Chennai.
Immovable properties worth Rs 9.47 crore had earlier been attached by the Directorate. This includes the attachment of immovable properties worth Rs 4.55 crore in Neelankarai in Marakanam in 2002 and Rs 4.92 crore properties in Vepery. Therefore, the properties so far attached under the provisions of PMLA, amount to Rs 59.49 crore, said P Manikkavel, joint director of Enforcement Directorate.