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Powerstar Srinivasan dupes businessman of Rs 5 crore, arrested

S Srinivasan, 52, a resident of Chennai, was arrested by Delhi Police for duping a Delhi-based businessman of Rs 5 crore on the pretext of facilitating a Rs 1,000 crore loan to his company, police said on Monday (June 10).

He was taken to Delhi from Chennai where he was lodged in judicial custody in another cheating case. "Srinivasan is involved in nine cases of cheating using the same modus operandi. He was in judicial custody in Chennai from where he was taken to Delhi on a production warrant," Harendra Kumar Singh, additional deputy commissioner of police (Economic Offences Wing), told IANS.

"He duped a Delhi-based businessman in December 2010 on the pretext of helping his company obtain a loan of Rs.1,000 crore," said Singh. The businessman lodged a complaint with Delhi Police in January.

"In his complaint, the businessman said that Srinivasan's associates approached his Delhi-based company M/s Blue Coast Infrastructure Development Pvt Ltd as consultants who could help his company get a loan of Rs 1,000 crore," Singh said. IANS Continue reading the story on the slideshow...

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