The Madras HC has granted bail to R Subramanian, founder of the Subhiksha retail store chain, in a case related to cheating of the depositors of a financial firm that he had floated. The Economic Offences Wing (EOW) of the Tamil Nadu Police on September 19 had arrested Subramanian after the HC rejected his anticipatory bail application. He was accused of cheating depositors of his firm Viswapriya of around R250 crore.
The EOW had registered a case against Subramanian for cheating and criminal breach of trust in October 2013. Justice V Ramasubramanian granted bail on the surety of a bond of R1 lakh and asked him not to leave Chennai. The judge also asked him to file an affidavit giving full details of the properties over which the petitioner has a claim.
Immediately after the arrest, the Enforcement Directorate had moved an application before the trial court and they were permitted to interrogate the petitioner in the prison, in which, he is now lodged, for five days.