Kochi: IIT and IIM degree holder and founder of Subhiksha retail chain, Subramanian has been sentenced to 20 years by a Chennai court for defrauding investors, media reports said.
Levying a penalty of Rs 8.92 crore on Subramanian and Rs 191.98 crore on the entities, the court directed to pay Rs 180 crore to the affected depositors, the reports said.
Founder of the retail chain Subhiksha, Subramanian was found guilty of duping investors and diverting their money into various shell companies.
The court convicted Subramanian and his associates under the Tamil Nadu Protection of Interests of Depositors (in financial establishments) Act (TNPID Act).
The verdict said that Subramanian and his associates collected deposits under four schemes misleading the depositors.
Subramanian launched his maiden venture Viswapriya in 1991 and Subhiksha in 1997. Subramanian confessed to defaulting on over Rs 137 crore to depositors, the reports said.
