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17 Jul 2018, Edition - 1099, Tuesday

FLASH NEWS:

  • In last 4 years, they have done nothing for minorities and Muslims, says AIMIM Chief Asaduddin Owaisi
  • Lokpal Appointment Case: Meeting of Selection committee headed by PM, CJI, Leader of opposition and others fixed for 19 July
  • Chennai cops arrest 17 suspects after minor was gangraped and tortured for 7 months
  • More Cops confirm lynching of 32-year old construction worker from Kolkata in Kollam, Kerala
  • SFI activist attacked in Kerala as CPM alleges PFI behind the attack
  • Mobocracy cannot take over; nobody should take law in their hands: Supreme Court on lynching incidents
  • Court puts onus on state governments, says ‘Draft new laws on lynching’
  • Cops arrest 8 MNS workers after they dug up the road outside the Mantralaya
  • 23 people have been injured after a lava bomb or a flying chunk of molten rock, punctured the boat’s roof in Hawaii
  • As per the Lok Sabha Secretariat, Mahajan will brief the party leaders about the smooth functioning of the session

Tamilnadu News

Subhiksha promoter arrested, sent to jail for cheating depositors, non-repayment of bank loans

Covai Post Network

Chennai : R Subramaniam, the promoter of Subhiksha Trading Services, was on Wednesday arrested by the Enforcement Directorate in a case relating to cheating depositors of money and also non-repayment of bank loans to the tune of several crores of rupees.

He was produced before a magistrate who remanded him in judicial magistrate and shifted to Puzhal central hail. A case under PMLA has been filed against him.

In 2015 the Economic Offences Wing (EOW) of Tamil Nadu police arrested Subramanian in connection with alleged cheating of depositors to the tune of around Rs 1.50 billion. Subramanian, started Viswapriya Financial Services Pvt Ltd in 1991. CBI is also investigating him for a complaint by a public sector bank for diverting funds.

“The loans were taken from Bank of Baroda was diverted for purposes other than what it was meant,” ED sources said and added, searches were conducted at the residence of Subramaniam’s Managing Director and offices of Subhiksha.

The retail chain founded by Subramaniam in 1997 shut its operations in 2009 and also defaulted in payments to a consortium of banks.

Subhiksha, suspended operations in 2008 after running out of cash and closed around 1600 stores, after it ran out of cash and could not manage staff salaries, vendor payments and bank loans. In January 2009, Subhiksha approached the banks, which have collectively lent the retailer around Rs 750 crore, to restructure its debt, citing falling demand as a reason for its inability to follow the original repayment schedule.

It became the first major retail chain to be referred to the corporate debt restructuring cell.

Subramaian is an alumnus of IIT and IIM and also a gold medalist. He worked with City Bank, Mumbai and Enfield India for a short spell.

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