Chennai: The Enforcement Directorate (ED) said it has arrested the promoter of 'Subhiksha' group, a retail store chain, in connection with bank loan fraud case valued at Rs 77 crore.
R Subramanian, the promoter and managing director of Subhiksha Trading Services Limited, was arrested by the ED yesterday.
He has been sent in custody of the central probe agency for seven days.
"Subramanian, the MD and the main person behind the company, availed term loan and cash credit amounting to Rs 77 crore for establishing the chain of stores and fraudulently diverted the funds," the ED said in a statement.
During the probe it was noticed that in the name of 'Subhiksha' chain of stores, Mr Subramanian had also availed about Rs 790 crore from consortium of bankers and had not repaid the loan amount," the ED said.
The ED had taken over the probe in the case based on a CBI FIR and charge sheet.
R Subramanian, the promoter and managing director of Subhiksha Trading Services Limited, was arrested by the ED yesterday.
He has been sent in custody of the central probe agency for seven days.
"Subramanian, the MD and the main person behind the company, availed term loan and cash credit amounting to Rs 77 crore for establishing the chain of stores and fraudulently diverted the funds," the ED said in a statement.
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During the probe it was noticed that in the name of 'Subhiksha' chain of stores, Mr Subramanian had also availed about Rs 790 crore from consortium of bankers and had not repaid the loan amount," the ED said.
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The ED had taken over the probe in the case based on a CBI FIR and charge sheet.
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