Tamil film actor S Srinivasan,alias Powerstar,was arrested by the Delhi Police for allegedly cheating nine persons of several crores.
According to police,Srinivasan and his associates approached the management of a Delhi-based infrastructure development company and offered to help them secure a loan of Rs 1,000 crore. The complainant told police that Srinivasan also furnished the bank statements of his trading company,from a Chennai-based bank. The statements showed the account balance to be more than Rs 1,000 crore,police were told.
Srinivasan then asked the owner of the infrastructure company to meet him in Chennai. The appointment was for December 2010.
The complainant was asked to pay Rs 5 crore for purchasing a special adhesive,which would be used in the deal. Srinivasan convinced them that the money was refundable. However,after taking the money,through a bank draft,he did not disburse the loan or return the money, a senior police officer said.
According to police,Srinivasan confessed that he had adopted similar modus operandi to cheat other people. Srinivasan revealed that he used the money made through the fraud to finance his films. The actor,popularly known as Powerstar,has acted in films such as Lathika,Anand Thullai,Laddoo and Indrasena.
Police said Srinivasan has nine cases of cheating and criminal intimidation registered against him in Delhi and Chennai.
In September last year,he was arrested by the Chennai police in a similar case of cheating but was released on bail. Srinivasan had cheated a businessman of Rs 65 lakh by promising to give him a loan of Rs 10 crore.
Earlier this year in April,he was against arrested by the Central Crime Branch of Chennai police in a similar case. At present,he was out on bail,police said.
The Chennai Crime Branch arrested him after a man from Andhra Pradesh accused Srinivasan of cheating him of Rs 50 lakh.