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Powerstar Srinivasan dupes businessman of Rs 5 crore, arrested

Posted By: IANS
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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...

Victim Paid Rs 5 Crore

"The businessman met Srinivasan in Chennai, where he was asked to pay Rs 5 crore," Singh said. "The victim paid Rs 5 crore to the accused and he was promised the loan before January 31, 2011. The actor, however, neither arranged the loan nor returned the money," said the officer.

Money Funded For Films

"The actor had used the money to fund a film," Singh added. Srinivasan is a Tamil film actor, director and producer. He is also an acupuncture doctor by profession.

Kingpin Srinivasan

He was the kingpin of an organised network of cheats who entice companies and individuals through local contacts on the pretext of giving loans.

Earlier Complaint

Earlier in April, Srinivasan was arrested by cops in Chennai for the same reason. The actor was arrested on a complaint from one person named PS Ranganathan of Prakasam district in Andhra Pradesh, a police release said.

Powerstar Srinivasan

However, he has acted in 12 Tamil films and has produced four films. Srinivasan had last featured in the hit Tamil comedy, Kanna Laddoo Thinna Aasaiya and Onbathula Guru.

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