Power Star Actor Dr. S. Srinivasan Arrested: Shocking news emerged from the Tamil film industry on Wednesday. Dr. S. Srinivasan, the Tamil actor popularly known as Power Star, was arrested. This news sent social media into a frenzy, with everyone trying to understand the reason behind it. Subsequently, it was reported that the actor is involved in a major loan fraud case and has been declared a fugitive offender twice.
Tamil Actor Srinivasan Arrested
Dr. S. Srinivasan, a well-known name in the Tamil film industry, is accused of defrauding a company of ₹5 crore under the pretext of securing a ₹1000 crore loan. He is considered the mastermind behind the operation. This is why the Economic Offences Wing (EOW) of Delhi arrested him. The EOW investigation revealed that Power Star Tamil actor Dr. S. Srinivasan misused the funds for film production and personal use. Furthermore, he has been implicated in six other fraud cases in Chennai.
Accused of ₹5 Crore Fraud
According to Delhi Police, in December 2010, Henry Lalremsanga, Deepak Banga, Anil Varshney, and Ramanuj Muvwala, representing the complainant company, ‘Messrs Blue Coast Infrastructure Development Limited’, contacted the company, presenting themselves as experienced consultants. They claimed they could secure a ₹1000 crore loan for hotel and corporate investments, assuring that if the loan wasn’t secured, they would return the processing fee within 30 days. These consultants then introduced the complainant to Dr. S. Srinivasan, presenting him as the owner of Baba Trading Company. Dr. S. Srinivasan also claimed to be the company owner and promised to quickly secure the loan.
Company Paid ₹5 Crore for Loan
The company was asked to pay 0.5% of the ₹1000 crore loan amount upfront as per the loan agreement. The company paid ₹5 crore for the loan. In return, the accused issued a cheque which later bounced. The defrauded amount was deposited into the accounts of Dr. S. Srinivasan and his wife. The accused neither secured the loan nor returned the ₹5 crore.
Previously Arrested Twice
It is noteworthy that the EOW of Delhi Police registered a case against Dr. S. Srinivasan following a complaint and arrested him in 2013. He was later released on bail on the condition of paying ₹10 crore. Dr. S. Srinivasan paid only ₹3.5 lakh and absconded. He was arrested again in 2017, granted bail, and disappeared again. Since then, the accused had been sought. Investigations revealed that the accused was hiding in Chennai, and he was arrested from Golden Treasure Apartments in Chennai.
News / Entertainment / Power Star Actor Dr. S. Srinivasan Arrested in ₹5 Crore Fraud Case
