Actor S Srinivasan, popularly known as Powerstar, has been arrested by the Economic Offences Wing (EOW) of Delhi Police for allegedly defrauding a company of ₹5 crore under the pretense of arranging a Rs1,000 crore business loan.
According to police officials, in December 2010, four individuals approached a company, posing as seasoned consultants capable of securing a Rs1,000 crore loan for hotel and corporate investments. They promised that any upfront payment would be refunded within 30 days if the loan wasn’t sanctioned. The group introduced the company to Srinivasan, who claimed to be a finance expert and proprietor of a firm that could arrange large loans.
Investigations later revealed that on December 27, 2010, Rs5 crore was transferred into bank accounts controlled by Srinivasan and his wife. He withdrew ₹50 lakh in cash and moved ₹4.5 crore into a joint account, which was later used to create a fixed deposit of Rs4 crore—subsequently seized by authorities.
Srinivasan was initially arrested in 2013, but failed to provide valid proof of adhesive stamp purchases, pointing to fraudulent intent. Although granted interim bail on the condition of repaying Rs10 crore within 15 days, he paid only Rs3.5 lakh.
Declared a Proclaimed Offender in 2016 after absconding, he was re-arrested in 2017 and again evaded trial, leading to a second PO declaration in 2018.
Deputy Commissioner of Police (EOW) Ravi Kumar Singh confirmed that Srinivasan was apprehended from an apartment in Chennai and has been remanded to judicial custody.
Singh added, “Srinivasan is not just an actor but also claims to be a doctor, comedian, producer, singer, politician, and businessman. He even obtained an acupressure certificate from a Chinese university via distance learning before launching a finance firm in Anna Nagar.”
