New Delhi, July 30 (UNI) The Economic Offences Wing (EOW), Delhi has apprehended Tamil film actor Dr S Srinivasan, alias Powerstar, in connection with an alleged loan fraud case. The actor, who had been absconding since 2018, was declared a proclaimed offender twice.
According to police sources, Srinivasan allegedly defrauded a company of ₹5 crore with the promise of arranging a ₹1000 crore loan. Investigation revealed that he diverted the funds for film productions and personal use.
A Delhi Police team tracked Srinivasan’s location to Vanagaram, Chennai, using technical surveillance and local intelligence. He has been remanded to judicial custody.
The sexagenarian actor had set up a finance firm, Baba Trading Company, in Anna Nagar and advertised through brokers that he would help businessmen acquire large bank loans. He claimed to the complainant company that he could arrange a ₹1000 crore loan.
Under the loan agreement, the complainant paid an upfront amount of ₹5 crore, purportedly for purchasing special adhesive stamps (at 0.5% of the loan amount).
Upon investigation, it was revealed that ₹5 crore was transferred in December 2010 to M/S Baba Trading Company, which later transferred to the personal accounts of the accused and his wife. A fixed deposit of ₹4 crore was seized later. He failed to produce any proof of purchasing adhesive stamps.
Srinivasan was first arrested in 2013 and, after being declared a proclaimed offender (PO) in 2016, he was again arrested in 2017. He was granted bail and again evaded trial, absconding since 2018 after the second PO declaration.
Notably, Srinivasan has played supporting roles in several Tamil films. He is a doctor, politician, comedian, producer, singer, and businessman. Srinivasan, who obtained a degree in acupressure from a university in China, is also involved in six similar cheating cases in Chennai.
