Tamil actor, director held for cheating Delhi businessman
11 Jun 2013 5:11 AM IST
Tamil actor and director, Dr S Srinivasan (52) popularly known as ‘Power Star’ has been arrested for various cases of cheating in the capital. Srinivasan had allegedly duped nine victims of over Rs 20 crores and used the money for film production.
A case was registered on the complaint of a Delhi-based businessman, who alleged that in December 2010, a man had approached the complainant’s company M/s Blue Coast Infrastructure Development Pvt. Ltd. based in Delhi, posing as a consultant and said he would help the complainant in obtaining a loan of Rs.1,000 crore.
The complainant was taken to Chennai to meeting Tamil actor Dr. S Srinivasan. The complainant met Srinivasan at actor’s office at M/s Baba Trading Company in Chennai.
Srinivasan allegedly even showed the bank statements of M/s Baba Trading Company maintained with SBI Anna Nagar Branch, Chennai. There was a balance amount of Rs 1,000 crore in the account.
'As per the conditions of the loan, the complainant was required to make upfront payments of Rs. 5 crore, which was to be used by the lender to purchase special adhesive stamp calculated at 0.50 per cent of the loan amount of Rs. 1000 crore,' said a police officer.
The Complainant paid Rs.5 crore by a bank draft towards the refundable processing fee and a loan agreement was entered into on 24 December, 2010 between M/s Baba trading Company and the complainant’s company for disbursing a loan of Rs. 1000 crore, on or before 31 January 2011.
The actor had issued PDC of Axis Bank against the Payments of Rs. 5 crores. However, he neither arranged for the loan nor returned the amount of Rs. 5 crores to the complainant.
Investigation into the case was taken up by the anti-fraud and cheating section of the Economic Offences Wing and after investigations the accused Srinivasan was arrested.
The accused was found to have been involved in several other cases and had cheated many other victims following the same modus operandi.
During investigations it was found that the accused had used the money to produce films. The end use of money is being ascertained along with the roles of the other co-accused.
'Srinivasan is an acupuncture doctor by profession. He has acted in as many as 12 Tamil films such as Lathika, Anand Thullai, Laddoo and Indrasena. He has also produced four Tamil films under his own production banner of Lathika Films.
The accused has been found to have been involved in nine cases of cheating and criminal intimidation and a case has been registered against him. Further investigations are being carried on in Delhi and by the Central Crime Branch, Chennai,' said a police official.
A case was registered on the complaint of a Delhi-based businessman, who alleged that in December 2010, a man had approached the complainant’s company M/s Blue Coast Infrastructure Development Pvt. Ltd. based in Delhi, posing as a consultant and said he would help the complainant in obtaining a loan of Rs.1,000 crore.
The complainant was taken to Chennai to meeting Tamil actor Dr. S Srinivasan. The complainant met Srinivasan at actor’s office at M/s Baba Trading Company in Chennai.
Srinivasan allegedly even showed the bank statements of M/s Baba Trading Company maintained with SBI Anna Nagar Branch, Chennai. There was a balance amount of Rs 1,000 crore in the account.
'As per the conditions of the loan, the complainant was required to make upfront payments of Rs. 5 crore, which was to be used by the lender to purchase special adhesive stamp calculated at 0.50 per cent of the loan amount of Rs. 1000 crore,' said a police officer.
The Complainant paid Rs.5 crore by a bank draft towards the refundable processing fee and a loan agreement was entered into on 24 December, 2010 between M/s Baba trading Company and the complainant’s company for disbursing a loan of Rs. 1000 crore, on or before 31 January 2011.
The actor had issued PDC of Axis Bank against the Payments of Rs. 5 crores. However, he neither arranged for the loan nor returned the amount of Rs. 5 crores to the complainant.
Investigation into the case was taken up by the anti-fraud and cheating section of the Economic Offences Wing and after investigations the accused Srinivasan was arrested.
The accused was found to have been involved in several other cases and had cheated many other victims following the same modus operandi.
During investigations it was found that the accused had used the money to produce films. The end use of money is being ascertained along with the roles of the other co-accused.
'Srinivasan is an acupuncture doctor by profession. He has acted in as many as 12 Tamil films such as Lathika, Anand Thullai, Laddoo and Indrasena. He has also produced four Tamil films under his own production banner of Lathika Films.
The accused has been found to have been involved in nine cases of cheating and criminal intimidation and a case has been registered against him. Further investigations are being carried on in Delhi and by the Central Crime Branch, Chennai,' said a police official.
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