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A person studying from IIT and IIM had created a business empire of Rs 3500 crore. But now he will have to spend 20 years in jail. This is the story of a person who touched the heights of success with his hard work and ability, but due to wrong steps, he will now have to face the sentence of jail.
Have you ever heard that someone who has studied with IIT and IIM, has started his company and then got caught in fraud of crores of rupees? This is what happened to R. Subramaniam. This is an interesting story of success, but suddenly everything was lost. A successful banker, entrepreneurs and engineers are now in jail and will remain there for a long time.
Subramaniam studied at the Indian Institute of Technology (IIT) and the Indian Institute of Management (IIM). He was also the founder of the Retail brand Subhyaksha. However, he was eventually found guilty of cheating investors. A special Chennai court sentenced him to 20 years on 20 November 2023.
According to a report by Navbharat Times, Subramaniam founded a company ‘Vishwriya’ in May 1991. The company used to provide financial services and its attractive schemes caught the attention of many investors. Then, in 1997, he founded ‘Subhiksha’, which started at more than 1,600 places across the country. After the antics of Subramaniam, hundreds of investors were cheated. His money disappeared through many shell companies. To date, 587 investors have not received their money back.
In the last 10 years, Subramaniam has not deposited any voluntary. He owes more than Rs 137 crore to depositors and has been unable to repay it. As a result, the court imposed a fine of Rs 8.92 crore on him.
Similarly, guilty organizations were fined Rs 191.98 crore. Out of this, Rs 180 crore has been set to give compensation to the affected depositors. The court has ordered that this amount be transferred to an authorized body, which will ensure the investigation and proper distribution of investors’ claims.
