Express News Service By

CHENNAI: Sleuths of the Economic Offences Wing of the Tamil Nadu Police have finally arrested the founder of the defunct store chain Subhiksha, R Subramanian, for a fraud running to the tune of Rs 150 crore. Absconding for over a month, he is alleged to have cheated over 4000 depositors in the Vishwapriya group of companies that were promoted by him.

According to officials from the EOW, Subramanian was arrested on Saturday morning under various sections of the TNPID Act, just a day after an anticipatory bail petition filed by him was dismissed by the Madras High Court. While the EOW had on August 8, manged to arrest four present and past executives in the companies and seized four cars including an Audi after a raid on the company premises, Subramanian himself proved elusive from the time his petitions had been dismissed by the HC on August 6.

However, the EOW, which had registered two cases against him, succeeded after an extensive manhunt with 12 special teams combing four states.

The current cases registered by the EOW revolve around the deposit fraud perpetrated by Subramanian. The first is based on Rs 150 crore that 4000 depositors had invested in the group of finance companies in Chennai through various schemes including fixed deposit and debentures. While only 300 depositors accounting for Rs 40 crore have come forward as complainants, the total amount is around Rs 150 crore and Police expect the rest of the 4000 to come forward now that Subramanian has been nabbed.

Vishwapriya isn’t the only case that the once celebrated retail industry pioneer is embroiled in. Even before the first default in the Vishwapriya case in 2013, Subramanian’s Subhiksha crashed and burned in spectacular manner in 2009.