Properties belonging to Subiksha worth  Rs 4.92 crore attached in Chennai

CHENNAI: The Enforcement Directorate has attached the properties of Subiksha Trading Services in Vepery worth Rs 4.92 crore under the Prevention of Money Laundering Act (PMLA).The properties include a basement commercial flat and two residential flats at Vepery which were kept in the name of a shell company floated by R Subramanian, the promoter and managing director of Subiksha Trading Services, who was recently arrested by the Enforcement Directorate for money laundering.

Subramanian, whose retail chain of stores with the brand name of “Subiksha” sell 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) in 2013 for defrauding the Bank of Baroda, Corporate Financial Services Branch in Chennai to the tune of Rs 77 crore. He is still under judicial custody in Puzhal prison.

Subramanian has so far availed totally around Rs 890 crore approximately (including interest) from consortium of  bankers and had not repaid the loan amount  and the cases are  pending before the Debt Recovery Appellate Tribunal in Chennai.P Manikkavel, Joint Director of Enforcement Directorate, said that till now properties attached under provisions of the PMLA amounted to Rs 9.47 crore. This includes the attachment of immovable properties worth Rs 4.55 crore in Neelankarai in Marakkanam in 2002.

In Puzhal prison
Subramanian, whose retail chain of stores sell products in fast-moving commercial goods, pharma, groceries, fruits, vegetables and telecom products, was arrested after he was charge-sheeted earlier in a bank fraud case by the Central Bureau of Investigation in 2013 for defrauding the Bank of Baroda, Corporate Financial Services Branch in Chennai to the tune of `77 crore. He is still under judicial custody in Puzhal prison