‘Subhiksha’ owner’s anticipatory bail petition dismissed
Investigation revealed that Subramanian promoted 49 companies and allegedly swindled to the tune of Rs. 250 crore
Chennai: The Madras high court has dismissed an anticipatory bail petition of R. Subramanian, who floated 49 companies, including Subhiksha Enterprises Pvt Ltd and Viswapriya Limited and allegedly cheated depositors to the tune of Rs 250 crore.
The Economic Offences Wing II, Chennai, had registered a case against him on a petition from depositors. G. Ramadoss and his family members invested Rs 6.60 lakh in Viswapriya (India) Limited. Later, they were issued four cheques along with a request to transfer investments to a company -Quadrangle Trading Services Limited in ‘Liquid Plus Scheme’.
However, Ramadoss did not request for transfer of his investments. Besides, the cheques were dishonoured. He approached the police in October 2013 seeking action. Investigation revealed that Subramanian promoted 49 companies and allegedly swindled to the tune of Rs. 250 crore.
“He is a director only in a few of them, his employees happen to be directors of other companies. Hence, he has direct or indirect control over the 49 companies”, said Justice V.Ramasubramanian.
On September 8, the judge had directed the authorities to provide details regarding Subramanian’s association with the companies, assets and list of bank accounts of all the companies.
The judge said, “It is not known as to whether the files and registers seized by prosecution are of any use to find out whether the accused has sufficient resources to repay the debenture holders or not.” Subramanian’s arrest will give a clear picture of the modus operandi, he said.
