The Enforcement Directorate (ED) on Tuesday arrested Subhiksha retail chain owner in connection with a bank fraud case.
R.Subramanian, the Promoter and Managing Director of Subhiksha of the retail chain that sells products under the category of FMCG (Fast Moving Consuming Goods), pharma, groceries, fruits and vegetables, was arrested under the provisions of Prevention of Money Laundering Act, 2002.
An investigation by the ED revealed that Subramanian had an unpaid loan of Rs 77 crore to his name for the purpose of establishing the chain of stores.
The ED also listed Rs 790 crore in unpaid loans to a consortium of bankers and immovable properties of Rs 4.50 crore.
He was remanded to the judicial custody by the Chennai XIV Metropolitan Magistrate for seven days. Further investigation is underway.
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