Hunt for Subhiksha Boss in Rs 250-cr Case - The New Indian Express
CHENNAI: Economic Offences Wing (EOW) police arrested four present and past executives of a private finance firm promoted by Subhiksha Trading early on Saturday morning on charges of defrauding payment of Rs 250 crore. Four cars, including an Audi, were seized from the company during the raid. The EOW is hunting for R Subramanian, of Subhiksha Trading, the prime suspect in the fraud. The arrested are Balasubramanian (55), Ganesan (45) Ram Mohan (52) and Augustin (48), directors and former director of Viswapriya Finance and Securities Ltd. Sources from EOW said the company had its headquarters in Adyar and branches all over the city. “Believing the firm’s promise of high returns, about 5,000 depositors invested in the firm. The company owes about Rs 250 crores to investors,” police said. The worried investors knocked on the doors of the city police which registered a case and forwarded it to the EOW in 2013. Soon after EOW took up the case, the company went to court and tried to dodge the probe. Recently, Madras High Court quashed all their appeals including a request to refrain police from arresting Subramanian. Source: www.newindianexpress.com
