The Madras High Court today rejected the anticipatory bail petition of Subhiksha Trading Services promoter R Subramanian facing charges of cheating depositors to the tune of Rs 250 crore.
Justice V.Ramasubramanian, who refused the bail, in his order said "the police and the depositors association are of the strong view that unless Subramanian was taken in police custody, a clear picture would not emerge. So, anticipatory bail could not be granted."
The Economic Offences Wing police have registered a case against Subramanian for allegedly cheating and criminal breach of trust under relevant sections of IPC and Tamil Nadu Protection of Interest of Depositors (in Financial Establishment) Act, 1997.
The alleged fraud was detected when one G Ramadoss filed a complaint in October, 2013 stating that he was cheated by the company to the tune of Rs.6.6 lacks deposited in a scheme and the cheques issued by the company were dishonoured.
The Judge said since the date of filing of FIR, Subramanian was in enjoyment of one protective order or the other, either in the form of stay of all further proceedings or in the form of protection from arrest.
But after the orders were lifted in August, 2015, the police had to step up investigation. All other accused in the fraud case were granted bail. Subramanian, however, was the "kingpin" of the fraud and cannot be treated on the same footing as other accused, the Judge held.
