28.7 C
New Delhi
Saturday 19 October 2019
Economy ED arrests Subhiksha group promoter in bank fraud case

ED arrests Subhiksha group promoter in bank fraud case

R Subramanian, the promoter and managing director of Ms Subhiksha Trading Services Limited, was arrested by the ED here yesterday

-

- Advertisment -

Chennai: The Enforcement Directorate (ED) today said it has arrested the promoter of ‘Subhiksha’ group, a retail store chain, in connection with bank loan fraud case valued at Rs 77 crore.

R Subramanian, the promoter and managing director of Ms Subhiksha Trading Services Limited, was arrested by the ED here yesterday.

He has been sent in custody of the central probe agency for seven days.

Apart from seasonal retail businesses and telecom products, the group is into the sale of FMCG products, pharma, groceries, fruits and vegetables.

“Subramanian, the MD and the main person behind the company, availed term loan and cash credit amounting to Rs 77 crore for establishing the chain of stores and fraudulently diverted the funds,” the ED said in a statement.

The entire loan amount (taken from the Bank of Baroda) was at default,” it said.

During the probe it was noticed that in the name of ‘Subhiksha’ chain of stores, Subramanian had also availed about Rs 790 crore from a consortium of bankers and had not repaid the loan amount,” the ED said.

This case is being heard by the Debts Recovery Tribunals and Appellate Tribunals (DRAT) in the Tamil Nadu capital.

The ED had taken over the probe in the case based on a CBI FIR and charge sheet.

It had attached assets worth Rs 4.5 crore to Subramanian and his firms last year under the Prevention of Money Laundering Act.

PTI

Subscribe to our newsletter

You will get all our latest news and articles via email when you subscribe

The email despatches will be non-commercial in nature
Disputes, if any, subject to jurisdiction in New Delhi

Leave a Reply

Opinion

Karva Chauth: Faith, legend behind viewing the moon through a sieve

The legend and Karva Chauth rituals vary across Rajasthan, Uttar Pradesh, Himachal Pradesh, Madhya Pradesh, Haryana, Punjab, Delhi and, in south India, Andhra Pradesh

Pakistan-Occupied Kashmir, Here We Come!

Study Wuhan and Mamallapuram in the backdrop of the fact that things are not quite working out in China-Pakistan economic relations, notwithstanding the urge of the communist state to contain India and that of the Islamic state to challenge it

Slowdown Has Reasons Other Than GST, Demonetisation

When all economic sectors decline, the mood of the market turns sombre, turning investors all the more reluctant to pump in money; the interdependence of industries means that the slowdown suffered by one would affect many

Where China & India, Resisting & Improving Democracy, Meet

What you see in Hong Kong is China resisting democracy; what you see in Kashmir is India promoting it; a reasonably capitalist China does not offer freedom politically but India, held back at times by the choice of the people, is still opening up; there could be a point of convergence as the two nations move in opposite directions

Omega-3: Study published in BMJ claiming no benefit for type 2 diabetes has myopic vision

Most respondents in the omega-3 study published in the BMJ are from Europe and North America; such results can hardly be applied worldwide
- Advertisement -

Elsewhere

Modi: Congress gets stomach cramps on hearing surgical strike

Considering that he was in the midst of a people who contribute immensely to the security of the nation, Prime Minister Narendra Modi slammed the Congress for its approach to the issue of national security

INX Media: CBI implicates Chidambaram, Mukerjea, 12 others

The CBI charge sheet names P Chidambaram, Peter Mukerjea, Karti Chidambaram, Bhaskar, Sindhushree Khullar, Anoop Pujari, Prabodh Saxena, R Prasad, INX Media, ASCL, Chess Management and four former officers of the finance ministry

FATF to Pakistan: Do not force us to blacklist you

Pakistan met with no good luck even on the third day of the plenary of FATF; the country received a warning for its terror financing today

Kamlesh Tiwari murdered: Another case of brazen jihad?

Tiwari had shot to fame due to his comments on Prophet Mohammed some years ago, for which Muslims of Malda in West Bengal rioted for days on end

Amitabh Bachchan hospitalised for liver treatment

Amitabh Bachchan uploaded a photo with fans at 1:03 PM on 15 October; by 2 PM, his condition deteriorated and he was rushed to the hospital

You might also likeRELATED
Recommended to you

%d bloggers like this: