Delhi: The Economic Offences Wing of Delhi Police has arrested Tamil film actor S Srinivasan, also known as Powerstar, in connection with a fraud case.
The Economic Offences Wing of Delhi Police has arrested Tamil film actor S Srinivasan, also known as Powerstar, officials said on Wednesday.
Srinivasan had cheated a firm of Rs 5 crore by promising to arrange a loan of Rs 1,000 crore. In December 2010, a company called M/S Blue Coast Infrastructure Development Limited was approached by Henry Lalremsanga, Deepak Banga, Anil Varshni and Ramanuja Muvwala, who introduced themselves as experienced consultants capable of arranging a loan of Rs 1,000 crore for M/S hotels and corporate investment purposes.
The consultants then arranged a meeting of the complainant with Srinivasan, who claimed to be the owner of Baba Trading Company and a long-term lender capable of arranging a loan of Rs 1000 crore.
Following this, the complainant paid an advance amount (0.5% of the loan amount) to purchase a special stamp. He promised to refund any advance amount paid within 30 days if the loan was not disbursed. But no money was returned.
Police said Srinivasan has been declared a ‘proclaimed offender’ by the court twice. He has been absconding since 2018 and was the mastermind of a large-scale conspiracy to defraud the complainant company of Rs 5 crore on the pretext of arranging a loan of Rs 1000 crore.
Investigation revealed that the money was fraudulently diverted for film production and personal use. The accused was found to be involved in six similar fraud cases in Chennai.
The Economic Offences Wing of Delhi Police, with the help of local intelligence and technical surveillance, traced Srinivasan from Chennai's Vanagaram area. He was arrested on July 27 at Golden Treasure Apartments in Chennai and has been remanded in judicial custody, Delhi Police said.