ED attaches Rs 4.5-cr assets of ‘Subhiksha’
The Enforcement Directorate (ED) has attached assets worth Rs 4.5 crore in connection with its money-laundering probe against retail store chain ‘Subhiksha’ in the alleged bank loan fraud of Rs 77 crore.
The agency has attached seven immovable properties of the owner of the group R Subramanian, including four agricultural plots in Tamil Nadu’s Villupuram district, under the provisions of the Prevention of Money Laundering Act (PMLA).
The CBI’s Economic Offences Wing and Tamil Nadu Police are also probing the case. The central agency’s bank security and fraud cell here had earlier filed a charge sheet against Subramanian and his firm.
Subramanian is the promoter and managing director of Ms Subhiksha Trading Services Limited.