Subramanian was earlier charge-sheeted in a bank fraud case by Central Bureau of Investigation, (Bank Security and Fraud Cell), Bangalore for defrauding Bank of Baroda, Corporate Financial Services Branch, Chennai to the tune of Rs 77 crore.
Enforcement Directorate (ED) on Wednesday arrested R.Subramanian, promoter and managing director of Subhiksha Trading Services Limited in a bank fraud case under the provisions of Prevention of Money Laundering Act, 2002.
He was remanded to judicial custody by the Chennai XIV Metropolitan Magistrate for seven days. Further investigation is in progress, according to an official release.
ED said its investigation revealed that in the name of "Subhiksha" chain of stores Mr.Subramanian had so far availed totally around Rs790 crore from a consortium of bankers and had not repaid the loan amount and the cases are pending before the Debt Recovery Appellate Tribunal at Chennai.
The agency was investigating Subramanian and its firm's diversion of Rs 77 crore which it received as term loan and cash credit for the purpose of establishing the chain of stores when it found out the huge default of the loan taken from the consortium of banks.
Subramanian was earlier charge-sheeted in a bank fraud case by Central Bureau of Investigation, (Bank Security and Fraud Cell), Bangalore for defrauding Bank of Baroda, Corporate Financial Services Branch, Chennai to the tune of Rs 77 crore.
ED has already attached immovable properties possessed by him in his name and his family member's name valued at Rs 4.50 crores, under the provisions of Prevention of Money Laundering Act. He was also the main person behind another case of non-refund of deposit money and interest totally amounting to Rs 150 crores to the depositors registered by Economic Offences Wing, Chennai.
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