Tamil actor held for 'cheating'

New Delhi (PTI): A Tamil film actor has been arrested for allegedly cheating a city-based businessman of Rs five crores on the pretext of helping him in getting Rs 1,000 crore loans. 52-year-old S Srinivasan, popularly known as Power Star, who is an actor, director and producer and acted in a dozen films and produced four, was arrested by Economic Offence Wing of Delhi Police from Chennai, said Harendra K Singh, Additional DCP Economic Offences Wing of Crime Branch. According to police, Srinivasan approached the company, Blue Coast Infrastructure Development Pvt Ltd here, in 2010 and represented themselves as consultants who would help the businessman in getting loan of Rs 1,000 crore. As per condition of disbursing of loans of Rs 1,000 crores, the complainant company was required to make an upfront payments of Rs 5 crore. The company paid Rs 5 crore by a bank draft towards the refundable processing fee and a loan agreement was entered into for disbursing a loan of Rs 1,000 crores on or before January 2011. The actor had issued post dated cheques of a private bank against the payments of Rs 5 crore. However, he neither arranged the loan nor returned Rs 5 crore to the businessman, police said. They said that during investigations, it came to light that the actor had duped many others using the same modus operandi.