Rise and fall: Retail chain Subhiksha founder Subramanian arrested Subramanian was

[krish44]

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What brahmins can do if they are tech savvy and ride on ecommerce boom?

The crux is indulging in transaction processing and using payment tools such as paytm and mobikwik in payments.

They can concentrate on items relevant to brahmin way of life his material and religeous needs and match demand and supply on line.


for ex it can be vadyars,mantra ,pooja materials, photos of Gods ,goddesses, religeous tourism , marriage items as regards religion needs. It can be supply of

murukku,appalam,pickles, various powders like idli mulagai podi, sambar, rasam powders, other masala dal powders , coffee powder , sweets on occasion of

diwali,marriage. The list is endless. Any brahmin who knows IT an be an interface betwen supply and demand and float ecommerce site to be the bridge.

Why not?

One may require a few thousands as seed money to start it . nothing more than enterprise and hard work to do well.

Today I saw an interview on TV with One young sikh whose father lost his business due to sikh riots . He made it to IIT doing part time work . He started Mobikwik a

payment portal like Paytm in late nineties and has done well for himself.

Our stock market Guru Rakesh jhunjhunwala believes that ecommerce is also a bubble like dotcom which will burst one day.

With every new innovation , some do very well , there are others which drop off. The success rate is not more than 5 % in any of these ventures.

In most cases , it is enterprise and the desire to do something different that draws people to it and not money making only per se .

 

[V.Balasubramani]

Few members of this Forum seems to assume that doing business is great and Brahmins don’t possess necessary skill, mindset, etc and lack enterprising qualities required to become a successful businessmen.

But they seems to conveniently overlook the fact that there are great business houses run by TB families more particularly in Tamil Nadu and to cite a few, there are TVS group, Simpsons Group, WS Insulators, Enfield, etc

Nageswara Rao, is the founder of Andhra Patrika Daily and Amrutanjan Limited
Pattabi Sitaramayya is the founder of Andhra Bank
Dr. A.S. Rao (Ayyagari Sambasiva Rao) is the founder of M/s. ECIL

There are lot who still do successful business in the fields of manufacturing, retail, whole sale,
Textile, Finance, Garment export, etc

Let us not forget the proverb that the grass on the other side of the fence is always greener.

And the topic of the thread is how Senior citizen are being cheated by fraudulent companies.

:focus:

 

[krish44]

I happen to know Sri Ayyagiri Sambasiva Rao .

He was working in electronics division of BARC R and D.

When nuclear and power reactor instrumentation had to be productionised , ECIL was floated by atomic energy and he was selected to head it.

Most of ECIL production was given To BARC as cost plus. It was only a book adjustment.

Ecil was specifically set up to meet the needs of our atomic energy establishment.

He was not a business man in conventional sense of the word.

 

[krish44]

I have used ecommerce online sites for our weddings.

I collected All vadhyar items , Muhurtham printed bags with sweet ,savouries betel leaves ,coconut, vratha batchanam [7into 7 .9into 9 etc] thru online orders which got

delivered in neatly packed bags at wedding venue.

I was forced to adopt this course as the wedding was arranged in a hall owned by a hotel who could not provide these items. Of course the hotel served the muhurtam and reception meals.

Our tami brahmin weddings have special needs which bangalore hotel halls cannot provide. So one can outsource using online contractors .

 

[V.Balasubramani]

This subject of Brahmins doing business is nothing but an
அரைச்ச மாவு

Since you have plenty of time left, you can leisurely go thro the following link which has 150 responses on the topic:
http://www.tamilbrahmins.com/showth...&highlight=Brahmins doing business#post231152

I will appreciate if you strictly stick to the topic of the thread.

 

[krish44]

The topic of the thread is ' arrest of subiksha founder'

He is in jail.

What is there to discuss ?

Do you want to stand bail for him as he is a tamil brahmin?

 

[CHANDRU1849]

Few members of this Forum seems to assume that doing business is great and Brahmins don’t possess necessary skill, mindset, etc and lack enterprising qualities required to become a successful businessmen.

But they seems to conveniently overlook the fact that there are great business houses run by TB families more particularly in Tamil Nadu and to cite a few, there are TVS group, Simpsons Group, WS Insulators, Enfield, etc

I specifically mentioned that Iyers are not very successful industrialists. Enfield is not in under Iyer group. Simpson may change hands due to matrimonial relationship. WS remains same. No expansion.

Nageswara Rao, is the founder of Andhra Patrika Daily and Amrutanjan Limited
Pattabi Sitaramayya is the founder of Andhra Bank
Dr. A.S. Rao (Ayyagari Sambasiva Rao) is the founder of M/s. ECIL

The discussion is about Tamil Bs. Why are you bringing Telugus here? Is Nageswara Rao (a park is in his name nearby Amrutanjan) a B or Kamma?

 

[V.Balasubramani]

I specifically mentioned that Iyers are not very successful industrialists. Enfield is not in under Iyer group. Simpson may change hands due to matrimonial relationship. WS remains same. No expansion.



The discussion is about Tamil Bs. Why are you bringing Telugus here? Is Nageswara Rao (a park is in his name nearby Amrutanjan) a B or Kamma?

Chandru Ji,


The thread is about depositors who are mostly senior citizen being cheated by fraudulent firms.

And we have few here we are prone to drag such threads conveniently by mention of Tamil Iyers, Telugu Brahmins, South Indian Iyengars, etc etc.

For your information, the thread is not in General Discussion.

 

[V.Balasubramani]

The topic of the thread is ' arrest of subiksha founder'

He is in jail.

What is there to discuss ?

Do you want to stand bail for him as he is a tamil brahmin?

There is lot to discuss.

All that is required is to spare some thought.

Why this has happened?

What are all the causes?

How can such loss to the depositors can be prevented in future?

What are all the preventive measures suggested?

What is the remedy left to the depositors? etc etc

If you are interested you are free to bail him out. lol

 

[mkrishna100]

There is lot to discuss.

All that is required is to spare some thought.

Why this has happened?

What are all the causes?

How can such loss to the depositors can be prevented in future?

What are all the preventive measures suggested?

What is the remedy left to the depositors? etc etc

If you are interested you are free to bail him out. lol

If you are asking about Subhiksa /VishwaPriya Financial services I have nothing much to say but if you asking about general way Senior Citiziens can protect their money then best is to invest only in Banks , Postal Savings and other Government Backed Bonds etc and those interested and having expertise can invest a portion in stocks and to avoid all forms of these Chit Funds , Private Financial Companies , MLM Schemes etc .

 

[krish44]

Why and what has happened , The subiksha founder best knows.

If depositors are greedy for half or one percent more on their money , chase chit funds ,teak trees , dubious companies, there is no protection.

They say fools easily part with their money.

On one can protect a man against himself

Such depositors can keep money in nationalised bank deposits and learn from his bad experience.

They can hand over the balance money they have to their wives for safe keeping or buy her jewellery. At least she will be happy.

 

[V.Balasubramani]

I am furnishing hereunder copy of letter of member Mr. Sundararaman:
'

A Word of caution to the general public - BEWARE OF SEASONED FRAUDSTERS

I would like to bring to the notice of general public, especially the most gullible senior citizens who have toiled all their life and have some savings to take care of them till they receive the call from above.

It is because about 90% of investors in this particular fiasco happens to be Brahmins, senior citizens and unfortunately well-educated but NOT well-informed. The very purpose of this letter is to fulfil the requirement of 'being well-informed'.

One Mr R Subramanian, an IIT and IIM genius chose to target maximum number of senior citizens, especially the defenseless Brahmins, promising them slightly or marginally higher returns than the Banks and collected the deposits. He knows very well that these hapless brahmin elders can only make hue and cry among themselves but wont go beyond that. He started Subhiksha in Chennai and other major cities only to dupe the employees and the general public after few years. He was a most effective fraudster - imagine he has duped umpteen number of big banks, and major corporates like Wipro by his sharp skills. Nothing happened though everyone was shocked beyond belief but no one could touch him.

He has started or registered some 60 plus Companies in Chennai with the connivance of concerned authorities, especially the Registrar of Companies - it just defies any logic how this one unscrupulous person was given so much freedom to open Companies and defraud the public with impunity. He started all these companies only to route the money received from public into a labyrinthine cross-network so that no one can trace where the money went.

Vishwapriya Financials and Securities is his recent release - thousands of crores have been swallowed by one man and absolutely no one is able to touch him even remotely. He is able to roam around freely in his Audi cars while the hapless senior citizens are literally in the street. He has devised a fool-proof strategy to fool the investors - he himself has filed a case in the court and as everyone knows the Courts are the last ones to help a hapless common man it sided with this great fraudster and keeps dragging the case - few of the investors have already died and few others are lamenting why at all they had invested in this Company. Only thing the court has done is hear, adjourn, adjourn, adjourn............ That is precisely what Mr R Subramanian wanted and that is his well planned strategy to delay returning money to depositors (in turn that is worst form of denial) and eventually close down his Company and case without even returning one paise to the depositors.

EOW and Courts are just spectators in this cruel episode. Government or any politician worth his salt is not willing to intervene for obvious reasons - they have received their shares for keeping quiet.

How these things can happen in such a well-educated law-abiding society? It is because some vested interests, paid by the fraudsters, keep the information under wraps and DO NOT ADVICE THE PUBLIC EVEN THOUGH THEY VERY WELL KNOW that the public are being duped so openly with impunity.

The sole purpose of this letter is to INFORM THE PUBLIC, ESPECIALLY THE ELDERLY BRAHMINS, TO LEARN from THEIR MISTAKES, KEEP AWAY FROM THESE FRADUSTER COMPANIES AND MOST MOST IMPORTANTLY - ADVISE OTHER PEOPLE TOO TO REFRAIN FROM FALLING INTO THE TRAP OF THESE INDIGENOUS HIGHLY EDUCATED AND SEASONED SHARP-SKILLED FRAUDSTERS.

A.SUNDARARAMAN
On behalf of Viswapriya Investors Welfare Forum.

​

​

It is reported therein that the individual seems to have not only duped poor senior citizen but also banks, corporate companies, etc

In the case of Senior Citizen, one can assume it is bcos of their greedy for a better rate of interest they are victimized.

But how about these Corporate Companies, Banks, etc???

 

[mkrishna100]

In the case of Senior Citizen, one can assume it is bcos of their greedy for a better rate of interest they are victimized.

But how about these Corporate Companies, Banks, etc???

Greed does not confine itself to Brahmins and Senior Citizens . It is a Universal Phenomenon and most business and crooks thrive because they know for sure that more than 90% of people are caught in the twin emotions of greed and fear and by exploiting this twin emotions of greed and fear they expand their business or loot people . This is the way the world is and we have to be careful in not falling for this .

 

[sangom]

It looks to me as though this Subramani must have been floating many similar firms or facades, collecting deposits at a higher rate of interest and must have tried to "play the share market" thinking that he had a lot of money. But, the fact is that even a thousand crores of rupees is "snuff" (mUkkuppoDi) for the market and hence this fellow must have seen almost all his shares wiped out in the recent bubble burst in the stock market.

 

[navy-eswaran]

Share market is not for the weak hearts. lot of research needs to be done before investing. the best way is to invest in Exchange traded funds on BSE and NSE indices. always buy when market is in dive. do not borrow and invest. only really surplus funds should be deployed.
remember higher the return greater the risk. at 60+ put all the money in regular return Bank deposits or tamilnadu undertakings.
the interest rates is going to take a dive soon. likely interest for a three year deposit may come down to 6-7%.
park funds intelligently and have a safe life.
regards
navy-eswaran

 

[krish44]

Which nationalised giving the best deposit rate at present?

All weak banks have reduced to 8 % .

Any suggestions?

No private banks ...

This is for someone I know .

 

[Janaki Jambunathan]

https://www.google.co.in/url?sa=t&r...JlIj3XSCEyUNTm_nA&sig2=-5Jkif4GkNJj-hTKRzSdSQ
Only Postal Savings gives more than 8% That is one option

 

[V.Balasubramani]

1) remember higher the return greater the risk.

2) at 60+ put all the money in regular return Bank deposits or tamilnadu undertakings.

regards
navy-eswaran

Eswaran Ji,

I agree

Those who were cheated by Mr. Subramani and the like minded promising payment of attractive rate of interest have presumably failed to realize this fact that higher the return, greater the risk.

I am in favour your second statement.

 

[V.Balasubramani]

Greed does not confine itself to Brahmins and Senior Citizens . It is a Universal Phenomenon and most business and crooks thrive because they know for sure that more than 90% of people are caught in the twin emotions of greed and fear and by exploiting this twin emotions of greed and fear they expand their business or loot people . This is the way the world is and we have to be careful in not falling for this .

Sir,

I agree

Once someone is aggrieved, on receipt of complaint, the law enforcing agency viz Economic Offences Wing starts probing the case and comes out with a report after though investigation and the culprits are caught. And then there is cumbersome and time consuming legal process and finally judgement. As on date, there are lot of cases pending with Economic Offences Wing.

Chasing high return appears to be only idea behind the common man running after such fraudulent firms.

I think such people needs awareness.

And what is the role of the society/ community in this regard?

The IMO earlier thread opener Mr. Sundararaman is right in conveying a word of caution to others.

Now how many of these Depositors will get their money back? How long it will take? How much amount they will get in return?

 

[sangom]

J.K. Galbraith has said something like, "the stck market is like a harlot, but people imagine it to behave like a chaste woman". I think that sums up everything.

Even my son harbours a notion similar to krishji's that his money will lose its value unless he earns well above a certain % of annual return. Actually he can invest just half of his moneys in Indian nationalised banks, earn much more than a secretary to the GOI and lead a rich life style here, keeping the other half safely in the stock market and dabbling with it. But sometimes some people fall for certain notions and it is difficult for them to come out of that. Life's lessons alone can teach them.

 

[V.Balasubramani]

J.K. Galbraith has said something like, "the stck market is like a harlot, but people imagine it to behave like a chaste woman". I think that sums up everything.

Even my son harbours a notion similar to krishji's that his money will lose its value unless he earns well above a certain % of annual return. Actually he can invest just half of his moneys in Indian nationalised banks, earn much more than a secretary to the GOI and lead a rich life style here, keeping the other half safely in the stock market and dabbling with it. But sometimes some people fall for certain notions and it is difficult for them to come out of that. Life's lessons alone can teach them.

Sangom Ji,

Well said.

 

[V.Balasubramani]

An IITian's venture: Two years, dozens of firms, but no trace of money

Investors and EOW waded through a maze of legal obstacles to get their hands on the 'kingpin'.


What is common between the secret police of Nazi Germany, a Chinese organised crime ring, and the US military headquarters?

All of these inspired the names of companies floated by Chennai-based businessman R Subramanian.

Gestapo Investments, Triad Trading Services, and Pentagon Trading Services are now among 49 entities the economic offences wing (EOW) of the Chennai police is probing to recover the savings of thousands of investors in Chennai, Bengaluru, Coimbatore, Trichy and several towns across south India.

The police suspect the money investors deposited in debentures and schemes of the more benignly named group flagship Viswapriya (India) might have found its way into some of these companies.

On court orders, the police have seized loads of documents related to these entities in addition to complaints and submissions by investors.

However, the police needed Subramanian's custody to make sense of all these, establish the money trail and ascertain the availability of assets to honour the liabilities that some investors estimate to be as high as Rs 250 crore (Rs 2.5 billion).


Read more at: http://www.rediff.com/business/repo...s-of-firms-but-no-trace-of-money/20150921.htm

 

[rvenkatesh]

It is an established practice among Baniyas, Marwaris, Gujarathis and some more North Indian communities to give a helping hand to people in financial distress among them, especially among businessmen with loans at negligible interest rates. The borrower also repays amount promptly after overcoming his hardships
. It is traditionally practiced and is successful to this day. It is a pity that Brahmins lack such mechanism.

 

[CHANDRU1849]

. It is traditionally practiced and is successful to this day. It is a pity that Brahmins lack such mechanism.

It is not possible, especially in the case of Iyers.

Iyers are being controlled by two Sankara Mutts with varying identity. Iyers' affiliation to the Sankara Mutts are based on the districts where they live. Added to this, polytheism is deep rooted among Iyers, which brings more division in line with religious practices, resulting in lack of oneness and interest in the community.

 

[sangom]

It is not possible, especially in the case of Iyers.

Iyers are being controlled by two Sankara Mutts with varying identity. Iyers' affiliation to the Sankara Mutts are based on the districts where they live. Added to this, polytheism is deep rooted among Iyers, which brings more division in line with religious practices, resulting in lack of oneness and interest in the community.

I don't think these are valid reasons. What one old Tabra told me about 50 years ago is to the point: "கல்லாப்பெட்டீலெ விழறதெல்லாம் லாபம்னு நெனச்சுக்குவா, பிராம்மணாளும், அவங்க வீட்டுக்காறாளும்; பின்னெ பிஸினஸ் எப்படி வளரும்?"
(Rough and ready translation: Tabras and their families think all cash collections represent profit; then how can any business grow?)

Another reason is that brahmins getting a loan from another brahmin, is usually very unconcerned about repayment unless the lender can inflict sufficient punishment on the borrower. So, usually brahmins who know the ways of the world will not come forward to financially help another.