IIT-M alumnus cheated 300 depositors of Rs 40 crore through finance firm

is Rishi writing headlines for times of india now? lol 

http://timesofindia.indiatimes.com/city/chennai/IIT-M-alumnus-cheated-300-depositors-of-Rs-40-crore-through-finance-firm/articleshow/49029552.cms

CHENNAI: Sleuths of the economic offences wing on Friday arrested the owner of the infamous Subhiksha supermarket chain in Hyderabad for cheating more than 300 depositors of Rs 40 crore through Viswapriya Financial Services Pvt Ltd. Police, who had been hunting for R Subramanian across four states over two months, finally zeroed in on him in Hyderabad after the Madras high court rejected his anticipatory bail petition.

Additional director general of police, EOW-CID, Prateep V Philip said, "After immense efforts, we managed sto nab him." He was produced before the TNPID Court in Chennai which remanded him in judicial custody.

Subramanian had disappeared from his office in Chinna Neelankarai on August 6 and went underground after the Madras high court dismissed his writ petitions. Police raided his house and seized four cars, including an Audi, worth Rs 1.5 crore. All his 40 bank accounts were frozen.

Investigators said Subramanian, a gold medallist from IIT Madras, passed out from the famous institution in 1987 and from IIM Ahmedabad in 1989. After a short stint with Citibank in Mumbai and Enfield India, he launched Viswapriya Financial Services Pvt Ltd in 1991 with headquarters in Adyar. Over the years, Subramanian floated 48 other firms, appointing some of his loyal employees as managing directors and directors. "He used novel ways to cheat people and has been evading arrest since 2013 when we registered a case against him," the officer said.

Police said more than 4,000 depositors had lost a total of Rs 1200 crore in several of his fraudulent schemes. "We invite more people to come forward with details of their deposits to retrieve their money," said Philip. So far 300 complaints has been received. Investigators said he collected money from the public under various schemes, including fixed deposit schemes and debenture schemes with such titles as prime invest, liquid plus and safety plus.

Seven others, including Balasubramani, 55, Ganesan, 45, Augustine, 48, and Ram Mohan, 52, have been arrested so far. Ram Mohan and Ganesan, a vocalist, were directors of Viswapriya Financial Services Pvt Ltd. Ganesan left the company five years ago.

Eleven civil cases, involving a sum of around Rs 400 crore, are pending against Subramanian. He also faces four criminal cases, including one filed by Bank of Baroda with CBI.

Subramanian founded Subhiksha in 1997 with a total investment of around Rs 1,200 crore.

With these claims about him ("a gold medallist from IIT Madras, passed out from the famous institution in 1987 and from IIM Ahmedabad in 1989.")  he should have become  a swami. He would be richer now and nobody would dare question him as a swami or religious guru. 

Btw, someone better corroborate his IITian status. I met someone (supposedly an engineer and hailing from Delhi) in Toronto several years ago who had been going around socially claiming to be an IIT graduate / alumnus. Naturally, I was curious about him when I heard about him being an IITian. As I started talking and asking him about his stay at IIT (which IIT and when, etc.), he first claimed to have passed out of IIT Delhi. After I asked him the details about IIT Delhi (since I knew some people who used to teach at IIT-Delhi), he finally admitted to have received his engg. degree / education  at Delhi Polytechnic instead of IIT Delhi.

Seva Lamberdar wrote:With these claims about him ("a gold medallist from IIT Madras, passed out from the famous institution in 1987 and from IIM Ahmedabad in 1989.")  he should have become  a swami. He would be richer now and nobody would dare question him as a swami or religious guru. 

Btw, someone better corroborate his IITian status. I met someone (supposedly an engineer and hailing from Delhi) in Toronto several years ago who had been going around socially claiming to be an IIT graduate / alumnus. Naturally, I was curious about him when I heard about him being an IITian. As I started talking and asking him about his stay at IIT (which IIT and when, etc.), he first claimed to have passed out of IIT Delhi. After I asked him the details about IIT Delhi (since I knew some people who used to teach at IIT-Delhi), he finally admitted to have received his engg. degree / education  at Delhi Polytechnic instead of IIT Delhi.

>>>I was going to post that he could have wangled something on Wall Street and played in much bigger leagues. but the swami gig would have given him more de facto legal immunity.