Subhiksha offered groceries, fruits, vegetables, medicines, and mobile phones at low prices. By 2008, the company had 1,600 stores across the country and had attracted major investors.
The story of CR Subramanian, a highly educated and once-successful businessman, sounds like a Bollywood movie. A man who once touched the heights of success is now behind bars for cheating hundreds of investors. Subramanian studied at two of India’s top institutes—IIT and IIM. After completing his studies, he launched his first company in 1991, Vishwapriya Financial Services. This non-banking finance company (NBFC) promised higher returns than other investment options and introduced schemes like Prime Invest, Asset Backed Security Bond, Liquid Plus, and Safety Plus. These attracted a large number of investors. Reports suggest that 587 investors put in over Rs 137 crore in the company.
In 1997, Subramanian entered the retail sector with a new business, Subhiksha. It started in Chennai with an investment of $1 million and quickly expanded across India. Subhiksha offered groceries, fruits, vegetables, medicines, and mobile phones at low prices. By 2008, the company had 1,600 stores across the country and had attracted major investors such as Azim Premji, ICICI Ventures, and Kotak Mahindra Bank.
However, problems began when Subramanian started using money from Vishwapriya investors to fund Subhiksha without informing them. He promised ret
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