Ranganathan alleged that Srinivasan took Rs 50 lakh as commission from him with a promise to secure a loan of Rs 20 crore. However, neither the loan was made available nor did the actor return the amount, police said. The actor has been remanded to custody, police said, adding he was found to have cheated some more persons.
He was arrested by the Central Crime Branch of Chennai police. Srinivasan had last featured in the hit Tamil comedy, Kanna Laddoo Thinna Aasaiya and Onbathula Guru recently.