ED attaches Rs 50 cr assets of Subhiksha’s ex-MD

The ED has attached the properties under Prevention of Money Laundering Act (PMLA). ED initiated investigation under PMLA, based on the charge sheet filed by the Central Bureau of Investigation, Bangalore, for defrauding Bank of Baroda, Chennai, to the tune of Rs 77 crores, against R Subramanian and Subhiksha Trading Services Limited, a press release from the ED said on Thursday. Subhiksha Trading Services Limited is a retail chain of departmental stores with the brand name of “Subhiksha”, the release added.

ED sleuths during the course of the probe found that Economic Offence Wing (EOW), Chennai, had also registered a Criminal Case under TNPID Act against the accused Subramanian for non-refund of depositor’s money and interest approximately around Rs 150 crores by Vishwapriya Financial Services Limited wherein, R Subramanian was the Managing Director of the company. It is also revealed that R Subramanian and Subhiksha Trading Services Limited has defaulted the loan amount to the tune of Rs 890 crores (approx including interest) from a consortium of bankers and the cases are pending before the DRAT, Chennai, said the press release further.

Immovable properties worth Rs 9.47 crores had earlier been attached by the directorate.

Therefore, the properties so far attached under the provisions of PMLA amounts to Rs 59.49 crores. The accused R Subramanian was arrested under the PMLA in February last year and is now under judicial custody at Puzhal Prison.