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Subhiksha promoter R Subramaniam arrested by ED in money-laundering case

In 2015, the Economic Offences Wing (EOW) of the Tamil Nadu Police had arrested Subramanian for allegedly cheating depositors to the tune of around Rs 1.50 billion

Fraud
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Fraud

TE NarasimhanGireesh Babu Mumbai

The Enforcement Directorate (ED) has arrested Subhiksha Trading Services promoter R Subramanian in an alleged bank fraud case. ED officials have confirmed the development and said the case was filed under the Prevention of Money Laundering Act. 

He was remanded in Puzhal jail by the Metropolitan Magistrate, says sources. “The ED arrests R Subramanian, promoter and MD of Subhiksha retail chain of stores under PMLA in a bank fraud case,” said the directorate in its twitter account.

In 2015 the Economic Offences Wing (EoW) of the Tamil Nadu police had arrested Subramanian on grounds of allegedly cheating depositors and

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First Published: Feb 28 2018 | 11:09 PM IST

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