Fraudster Founder Faces Sentence | IIT-IIM-Educated Subhiksha Founder Faces 20-Year Sentence for Investor Fraud | Short Review
IIT, IIM-Educated Subhiksha Founder Faces 20-Year Sentence for Investor Fraud Fraudster Founder Faces Sentence | IIT-IIM-Educated Subhiksha Founder Faces 20-Year Sentence for Investor Fraud Introduction : The Conviction : Renowned engineer and IIT Madras alumnus, R Subramanian, the founder of Subhiksha, has been sentenced to a 20-year prison term for defrauding investors. The court order on November 20, 2023, reveals Subramanian's conviction by a special court in Chennai, which found him guilty of diverting funds through various shell companies. Deceptive Schemes Unveiled : Under the Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, the court convicted Subramanian and his associates for soliciting deposits through four schemes: Prime Invest, Asset Backed Security Bond, Liquid Plus, and Safety Plus, sponsored by A1 M/s. Viswapriya India Ltd. These schemes misled investors into reinvesting matured amounts, promising substantial short-term gain