The police had arrested four directors in the first week of August and three others a month later
Subramani
Chennai: A massive manhunt has been launched by the Economic Offence Wing sleuths to track R. Subramani, founder of now defunct departmental store Subhiksha and scores of non-operational finance firms, in connection with the Rs 250 crore investment fraud.
EOW now has a dozen special teams working to locate the man after sleuths found that his wife and daughter too had vanished since Friday from their house in Chinna Neelankarai. The police had also alerted all railway stations and airport by providing his pictures to the officers stationed there beside pasting his pictures in bus stands.
Though the investigators had so far arrested as many as seven people including a former chairman and managing director of a nationalised bank, Subramani had been dodging the police dragnet.
Subramani, who floated Viswapriya Financial Services and Securities Ltd had opened many other finance firms offering very high rate of interest on deposit and collected over Rs 250 crore from more than 5,000 investors.
The police had arrested four directors in the first week of August and three others a month later. Inquiries revealed that Subramani had been running more 40 financial institutions. He was last spotted on August 6 when he came to his office at Chinna Neelankarai and since then absconding.
( Source : deccan chronicle )
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