Tamil actor Powerstar Srinivasan held by Delhi Police over 5cr mortgage fraud

The Economic Offences Wing (EOW) of Delhi Police has arrested Tamil actor and self-styled physician S Srinivasan, popularly often known as Powerstar, in reference to a ₹5-crore mortgage fraud case, an officer stated on Wednesday.

Srinivasan, who had been evading trial since 2018 and was declared a ‘proclaimed offender’ twice, was arrested in Chennai, the Delhi Police stated in an announcement.

According to the assertion, the actor allegedly posed as a financier and duped a Delhi-based firm of ₹5 crore, promising to safe for it a ₹1,000 crore mortgage.

The cash was later discovered to have been diverted for movie manufacturing and private use. “The accused had been absconding for several years and was finally apprehended on July 27 from Vanagaram in Chennai. He has been remanded to judicial custody,” Deputy Commissioner of Police (EOW) Ravi Kumar stated.

According to the grievance, a personal agency was allegedly cheated by a bunch of individuals, together with Henry Lalremsanga, Deepak Banga, Anil Varshney, and Ramanuja Muvvala, in 2010.

“These people claimed to be expert consultants capable of securing high-value funding for hotel and corporate infrastructure projects,” stated the DCP.

They launched the complainant to S Srinivasan, who launched himself because the proprietor of a buying and selling firm and claimed he might safe the corporate a ₹1,000 crore mortgage.

As a part of the deal, the complainant paid Srinivasan ₹5 crore, ostensibly to buy adhesive stamps (0.5 per cent of the mortgage quantity), a regular payment in such transactions.

However, no mortgage materialised, and a post-dated cheque of ₹5 crore, issued as safety by Srinivasan, bounced as a consequence of inadequate funds, police stated.

During the investigation, the officer stated, police discovered that on December 27, 2010, a sum of ₹5 crore was transferred to the account of the buying and selling firm and later moved to accounts managed by Srinivasan and his spouse.

Of this cash, he withdrew ₹50 lakh and transferred the remaining quantity to a joint account, from which a set deposit of ₹4 crore was created.

Officials stated Srinivasan failed to offer any documentation to show that he had bought adhesive stamps, which revealed his fraudulent intent.

“He was first arrested during the course of investigation but later released on interim bail in 2013 after assuring the court that he would repay ₹10 crore in 15 days. However, he only deposited ₹3.5 lakh and went underground,” stated the officer.

The actor was first declared a proclaimed offender in April 2016. Though re-arrested in March 2017 and granted bail in June the identical 12 months, he once more absconded, resulting in his being declared a PO a second time in November 2018.

In their pursuit for him, police zeroed in on his location at Golden Treasure Apartment in Vanagaram in Chennai, and arrested the 64-year-old on July 27.

Popularly often known as “Powerstar” within the Tamil movie business, Srinivasan has been related to movies as a comic, producer, and singer. He even projected himself as a politician. He holds a diploma in acupressure from a Chinese college, acquired by means of distance studying.

His ardour for cinema led him to ascertain a buying and selling firm in Chennai, by means of which he allegedly lured businessmen with guarantees of enormous financial institution loans. Srinivasan has acted in a number of Tamil movies.

Police stated he’s additionally named in six different circumstances in Chennai for related offences.