R Subramanian, studied at IIT, IIM, once king of retail market, owned Rs 3500 crore business, now to remain in jail for 20 years due to…
The court ruling announced that engineer R Subramanian, the IIT Madras alumnus, was found guilty by a special court in Chennai of defrauding hundreds of investors.
R Subramanian is an alumnus of IIT and a graduate of IIM. Diagnosed across India for being the founder of the retail chain Subhiksha, engineer R Subramanian used to be chanced on guilty by a particular court in Chennai of defrauding a total bunch of patrons fixed with the court ruling on November 20, 2023. The court determined that he had diverted their resources by a network of shell companies, leading to his conviction and a sentence of two decades in jail. The legend of R Subramanian signifies the technique to pass from hero to zero from a single mistake.
Mistake that led to tumble of R Subramanian
The court ruling introduced that engineer R Subramanian, the IIT Madras alumnus, used to be chanced on guilty by a particular court in Chennai of defrauding a total bunch of patrons. The court permitted that Subramanian had diverted the resources of the company by a network of shell companies. As a outcomes of those actions, he used to be sentenced of two decades in jail.
R Subramanian used to be a truly laborious working person and after working for two years available in the market, he began Vishwapriya to supply monetary products and services and later launched Subhiksha in 1997. With the growth of Subhiksha, over 1600 retail stores of the company were opened across India in the following couple of years. As per media experiences, the associated price of the company had reached Rs 3500 crore by then. Moreover, he used to be once trusted by Azim Premji, ICICI Ventures and Kotak Mahindra Monetary institution.
The stores offered a fluctuate of products and won attention from main patrons love Wipro’s Azim Premji and ICICI Monetary institution. However, Subramanian ran a Ponzi-love blueprint, diverting investor funds by shell companies and promising excessive returns. In 2023, he used to be sentenced to 20 years in jail and fined closely after admitting to a Rs 137 crore fraud, leading to Subhiksha’s give plan.
Why R Subramanian used to be arrested!
R Subramanian, the Promoter and Managing Director of Subhiksha of the retail chain that bought products below the category of FMCG (Snappy Fascinating Ingesting Items), pharma, groceries, fruits and vegetables, used to be arrested below the provisions of Prevention of Money Laundering Act, 2002. An investigation by the ED published that Subramanian had an unpaid loan of Rs 77 crore to his name for the cause of setting up the chain of stores.
(With inputs from agencies)
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