Tamil Actor 'Powerstar' Arrested in Rs 5-Crore Loan Fraud Case

Tamil actor S Srinivasan, known as Powerstar, was arrested by Delhi Police's Economic Offences Wing for a Rs 5-crore loan fraud. Evading trial since 2018, he was captured in Chennai. Srinivasan allegedly deceived a company into believing he could secure a Rs 1,000 crore loan, diverting funds for personal use.

The Delhi Police Economic Offences Wing has apprehended Tamil film actor S Srinivasan, popularly referred to as Powerstar, over allegations involving a Rs 5-crore loan fraud. Detained in Chennai, the actor had been evading the law since 2018 and faced multiple declarations as a proclaimed offender.

Srinivasan stands accused of misrepresenting himself as a financier capable of securing a Rs 1,000 crore loan for a Delhi-based firm. Instead of fulfilling his promise, he allegedly funneled the money towards personal and film production expenses. Further investigation revealed no substantial evidence was provided to support the acquisition of adhesive stamps as initially claimed.

Despite previous arrests and conditional bails, Srinivasan repeatedly absconded, prompting a renewed police hunt. Known in the Tamil movie scene as 'Powerstar,' Srinivasan's cinematic interests purportedly extended into financial deceit and dubious loan deals. He faces additional similar charges in Chennai.

(With inputs from agencies.)