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The Central Bureau of Investigation conducted searches at the residence and office of R. Subramanian, Founder Managing Director of the discount retail chain Subhiksha Trading Services. Calls and messages to Subramanian’s mobile did not elicit a response, nor was there any official confirmation from the CBI. However, according to CBI sources , the search operations were in response to a complaint lodged by one of the public sector banks alleging diversion of funds. The company had borrowed close to Rs 800 crore from a consortium of banks for expansion, but had failed to service the loan as it went bankrupt in 2008-2009.
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