This man studied at IIT, IIM, started his own company, now he is serving 20-year jail term due to…

hanuman

Active member
New Delhi: Some success stories inspire us with hope and determination, showing that with perseverance and hard work, it is possible to clear competitive exams and achieve a good rank. Meanwhile, some stories serve as stark reminders that even the brightest paths can take unexpected turns, leading to downfall. The story of R Subramanian is one of extraordinary talent and diverse achievements. Renowned as a banker, businessman, and engineer, R Subramanian built a career that was widely admired. However, in a shocking twist, Subramanian now finds himself serving time in prison, a stark contrast to the heights of success he once reached. His story serves as a poignant reminder that even the most accomplished individuals can face unforeseen challenges that lead to unexpected consequences.

This man studied at IIT, IIM, started his own company, now he is serving 20-year jail term due to…​


R Subramanian, an alumnus of IIT and a graduate of IIM, is the founder of the retail chain Subhiksha. According to the court ruling on November 20, 2023, engineer R Subramanian, an IIT Madras alumnus, was found guilty by a special court in Chennai of defrauding hundreds of investors. The court determined that he had diverted their assets through a network of shell companies, leading to his conviction and a sentence of 20 years in prison.

In May 1991, Subramanian founded his company, Viswapriya, which offered financial services and attracted numerous investors with appealing schemes. In 1997, he launched Subhiksha, a retail chain that grew to over 1,600 outlets across India. However, his actions took a dark turn as he defrauded hundreds of investors by redirecting their funds through various shell companies. As a result, 587 investors are still waiting to recover their money.

Over the past decade, Subramanian has failed to make any voluntary deposits and has defaulted on over Rs 137 crore owed to depositors across all programs. As a result, the court imposed a fine of Rs 8.92 crore on him, while the guilty organizations were collectively fined Rs 191.98 crore. Of this total, Rs 180 crore has been earmarked for compensating the affected depositors. The court has ordered that these compensation funds be transferred to an authorized organization, which will review the documentation submitted by impacted investors and distribute the funds accordingly.
 
Top
AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock