The Enforcement Directorate (ED) on Wednesday said it has attached Rs4.5 crore worth of properties belonging to R Subramanian, promoter and managing director of Subhiksha Trading Services.
The company owned the Subhiksha retail chain network. In a statement issued here, the ED said the Central Bureau of Investigation (CBI) has chargesheeted Subramanian for defrauding Bank of Baroda to the tune of Rs77 crore.
The ED had taken up investigation under the provisions of the Prevention of Money laundering Act, 2002.
According to the ED, its investigations revealed that Subramanian, managing director of Subhiksha Trading, had availed term loan and cash credit totalling Rs77 crore in 2007 for setting up the Subhiksha chain of stores.