Actor S Srinivasan, popularly known as 'Powerstar Srinivasan' has been held on July 27 by the Delhi Police's Economic Offence Wing for cheating a company of Rs 5 crore in promise of securing them a Rs 1000 crore loan.
Srinivasan had reportedly been evading trial since 2018 and it is his third in the case. A proclaimed offender, twice for absconding while on bail, he was arrested from the Golden Treasure Apartment in Chennai's Vanagaram.
The case began 15 years ago when Blue Coast Infrastructure Development Limited was approached by Henry Lalremsanga, Deepak Banga, Anil Varshney, and Ramanuja Muvvala, who presented themselves as experienced consultants capable of arranging a loan of Rs 1,000 crore for hotel and corporate investment purposes. They in turn introduced them to Srinivasan who claimed to be the proprietor of M/s Baba Trading Company and a long-time lender capable of arranging the loan and charged the company Rs 5 crore. It was assured that in case they couldn't arrange the loan, their payment would be refunded within 30 days.
DCP (EOW) Ravi Kumar said that he withdrew Rs 50 lakh in cash and transferred the rest to a joint account. Later, a fixed deposit for Rs 4 crore was made. While Srinivasan was initially arrested in 2013 regarding the case for failing to show evidence of trying to secure a loan or buying stamps, he got interim bail and eventually fled twice. Further, it has been revealed that there are six cases of financial fraud pending against the actor.
A self-proclaimed doctor, Srinivasan first came to Chennai after completing a course in acupressure practice from a China-based university through a distance education programme. He started his firm Baba Trading Company in the city and promoted it to brokers yo help businessmen arrange for bank loans. He parallely started acting in films like Unakkaga Oru Kavithai, Neethana Avan, and Lathika. It was in Neethana Avan that he launched himself with the name 'Powerstar' Srinivasan. He later became popular for his roles in Kanna Laddu Thinna Aasaiya, Onbadhule Guru, I, Capmaari and Pei Mama, among others.