Former bank CMD, 2 others held in Rs 250 crore fraud

Chennai: Sleuths of  the economic offence wing on Thursday arrested a former chairman and managing director of a nationalised bank and two others in connection with the Rs 250 crore fraud alleged committed by a finance firm in the city. 

 

The investigators identified the arrested former bank executive as 75-year-year-old Raghavan, a resident of Adyar. He was a director of one of the sister concerns of Viswapriya Financial Services and Securities Ltd, which was run by R. Subramani, who is now absconding.

 

The other two arrested were identified as A. Srimathi, 52, a woman director of the firm, and R. Venkitaramanan, 65, who is also a member of a director board.

 

In the first week of August this year the sleuths had arrested four other directors of the firm, who had allegedly cheated over 5,000 investors. 

 

EOW police registered a case against Subramani, who ran the Subiksha chain of supermarket, and others for cheating people accepting deposits from them. Inquiries revealed that Subramani had been running more 40 financial institutions. Subramani, who came to his office in Chinna Neelankarai on August 6, disappeared from his office and since then absconding.  

 

Police team raided his house and seized four cars, including an Audi vehicle, worth Rs 1.5 crore.