CHENNAI: Officials of the Directorate of Enforcement, Chennai, attached Rs 4.50crore worth property, belonging to R Subramanian, promoter and managing director of now defunct
Subiksha chain of retail shops.
An official release said Subramanian was chargesheeted by the CBI, Bangalore, for defrauding the Bank of Baroda, Chennai, to the tune of Rs 77 crore.
Later, the case was taken up by the ED officials for investigation under provisions of the Prevention of Money Laundering Act, 2002.
Investigation revealed that Subramanian availed a term loan and cash credit to the tune of Rs 77 crore from the bank in 2007. These funds were diverted fraudulently by Subramaniam.
The enforcement authorities found that four agricultural lands, measuring 9.59 acres, and two vacant lands were fraudulently transferred in the name of the Traid Trading Services, a group company of Subiksha Trading Services.
Two other properties -- one in Marakkanam and another in Neelangarai – which are in the name of his wife were also identified by the enforcement authorities during the investigation. These properties, valued at Rs 4.50 crore, were provisionally attached under the Prevention of Money Laundering Act.
Further investigations were on, added the release.
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