Actor ‘Power Star’ Srinivasan was arrested on Friday for fraud on Rs 65 lakh of cheating a businessman. Businessman G U Balasubramanian, proprietor of RBS International in Chrompet lodged a complaint on Power Star Srinivasan saying that he has taken a loan of Rs 10 Crore loan from him and has never paid back.
Police said that the businessman had approached Srinivasan’s finance company, Baba Trading on PH Road to arrange the cash but in return the actor said that he would charge 5 % as service charge for getting the loan.
“Power Star failed to obtain the loan and kept dodging the businessman. He promised to return the sum when the complainant warned him of approaching us,” said an investigating officer. It also seems that Bala Surbamanian was threatened at gun point when he approached the actor for his money at his Anna Nagar residence.
Police have registered a case under IPC Section 406 (punishment for criminal breach of trust), 420 (cheating) and 506 (ii) (criminal intimidation) 27 Arms Act. He was remanded in judicial custody and lodged in Puzhal prison. Police said several others had earlier gone to them with complaints against Srinivasan, but they all arrived at a compromise. On May 4, a Saidapet resident called Ganesan lodged a complaint that Srinivasan had taken 10 lakh promising a loan.