R. Subramanian, a highly accomplished individual with degrees from prestigious institutions like IIT and IIM, stands as a cautionary tale of talent gone astray. Once hailed as a prosperous banker, businessman, and engineer, he now serves a prison sentence for embezzlement.
Subramanian’s journey began with the founding of his company, Viswapriya, in May 1991, offering enticing financial services that attracted a significant investor base. His subsequent venture, Subhiksha, established in 1997, grew into a retail chain with over 1,600 outlets across India. However, behind the facade of success lay a web of deceit.
Unbeknownst to many, Subramanian’s actions led to the defrauding of numerous investors, with their assets diverted through intricate shell companies. Hundreds of investors were left in financial ruin, with 587 still awaiting restitution for their losses.
Over the past decade, Subramanian failed to make any voluntary repayments, defaulting on debts totaling over Rs 137 crore. Consequently, a special court in Chennai sentenced him to 20 years in prison and imposed fines amounting to Rs 8.92 crore on him personally, along with Rs 191.98 crore on the implicated organizations. A substantial portion of these fines, Rs 180 crore, has been earmarked for compensating the affected depositors.
The court has mandated the transfer of these compensation funds to an authorized organization tasked with verifying the documentation submitted by impacted investors and ensuring equitable distribution of the funds.
