In The Interest of Depositors , Subiksha Scam Judgement is out – Judiciary , The Last Straw
Baskar Seshadri
Subramaniam Ramaswamy had been sentenced to Twenty Years of Imprisonment for his Viswapriya Financial services Financial Scam since later Nineties. The directors and staff too were Imprisoned along with him. The Brand name with which he operated was Subiksha. Plenty of Supermarkets were opened in the Brand Name Subhiksha when success fell at his feet. Of the total One Hundred and Ninety Crores Penalty One Hundred and eighty crores had been ordered to be refunded to the Depositors. The company was Incorporated in 1991 and thirty-two years after the judgement had come Yesterday. Ramaswamy 57 was an Alumni of IIT and did his education in IIT – Ahmedabad. He joined CITI bank and quit the service in just a Month only to join Royal Enfield. In two Years, he left Enfield (Thoraipakkam) only to start this Financial Venture.
Thousands of Depositors were taken for a ride for long years. In a way this Subiksha Paved the way for many financial companies to get into Fraudster methods in the Later Years. At last Truth had Triumphed. One Fine day all his chain of outlets Numbering 1600 all over South India had been shut in 2009 and that started the misfortune and had ended yesterday with a court Judgement.
Subramaniam Was the Brainchild for the economically Priced goods in The Supermarkets in South India. His steps were not measured and it was Too Wide. Even today some shops announce that their prices are cheaper than that of Subhiksha. He revolutionised the supermarket culture but unfortunately, he chewed more than what he could.
