Tamil actor Srinivasan arrested in Rs 1000 crore loan scam

Tamil actor Powerstar Srinivasan was recently arrested by the Delhi Police on Wednesday, July 30, in connection with a Rs 1000 crore loan fraud case. The actor, who reportedly had been skipping court hearings since 2018, was arrested by officials of the Economic Offences Wing (EOW).

Srinivasan arrested 

As per reports, Srinivasan has been accused of taking a commission of Rs 5 crore from a businessman, in exchange for a promise of arranging Rs 1000 crore loan through financial institutions. However, even after paying the commission, the businessman reportedly did not receive the loan amount. That is when he filed a police complaint.

Reports also mentioned that the actor had been summoned by the court multiple times since 2018 in connection with the case; however, he skipped all of them and did not show up for the hearings. During the investigation, the officials discovered that around six fraud cases had been registered against the actor in Chennai in the past few years.

Following the investigation, the actor was arrested on Wednesday. He is now expected to be interrogated in connection to the scam.

Rs 1000 crore scam case

According to reports,  Henry Lalremsanga, Deepak Banga, Anil Varshney, and Ramanuja Muvvala reportedly approached the complainant company, M/s Blue Coast Infrastructure Development Ltd., in December 2010. The individuals presented themselves as experienced consultants who are capable of arranging a loan of Rs 1,000 crore for hotel and corporate investment purposes.

They even assured that in case of failure, they would refund any upfront amount paid within 30 days. These alleged `consultants` then introduced the complainant to Srinivasa. The actor claimed to be the proprietor of M/s Baba Trading Company and posed as a long-time lender capable of arranging the loan.

About Power Srinivasan

S Srinivasan, who is famously known as `Powerstar`, is among the most renowned faces in the Tamil film industry. He is known to be an actor, doctor, politician, comedian, producer, singer, and businessman. Notably, he began his career as a medical practitioner before later moving to finance. Eventually, he entered the world of films.

Since 2010, he has appeared in several hit films down south, including Lathika, Thalaivan, MGR Sivaji Rajini Kamal, Maanga, Odu Raja Odu, Pei Mama, and others.