‘Powerstar’ Srinivasan arrested in loan scam

Chennai: Actor S Srinivasan, known as ‘Powerstar', was arrested by Economic Offences Wing (EOW) of Delhi Police for allegedly cheating a company of 5crore under the pretext of arranging a 1,000crore loan.In Dec 2010, a company was approached by four individuals claiming to be experienced consultants who could secure a 1,000crore loan for hotel and corporate investments. They assured that any upfront payment would be refunded within 30 days if the loan was not arranged. The consultants introduced the company to Srinivasan, who claimed to be the proprietor of a firm and a long-time lender capable of arranging the loan.Investigations revealed that on Dec 27, 2010, 5crore was transferred into accounts controlled by Srinivasan and his wife. He withdrew 50lakh in cash and transferred 4.5crore into a joint account. A fixed deposit of 4crore was later made and subsequently seized by authorities.Srinivasan was previously arrested in 2013, but failed to provide proof of adhesive stamp purchases, indicating fraudulent intent. He and was granted interim bail in 2013 on the condition of repaying 10crore within 15 days, but only paid 3.5lakh. He absconded and was declared a Proclaimed Offender in 2016. After re-arrest in 2017 and bail, he again evaded trial, leading to a second PO declaration in 2018.Deputy commissioner of police (EOW) Ravi Kumar Singh stated that Srinivasan was recently apprehended from an apartment in Chennai and remanded to judicial custody.Singh added that Srinivasan is not only an actor but also a doctor, politician, comedian, producer, singer, and businessman. He obtained an acupressure qualification from a Chinese university via distance learning before starting his practice."His passion for films brought him to Chennai, where he established a finance firm in Anna Nagar and claimed through brokers to help businessmen secure large bank loans," Singh said.