Tamil actor S Srinivasan arrested by EOW for cheating company in loan scam
In Dec 2010, a company was approached by four individuals claiming to be experienced consultants who could secure a Rs 1,000-crore loan for hotel and corporate investments. They assured that any upfront payment would be refunded within 30 days if the loan was not arranged. These consultants introduced the company to Srinivasan, who claimed to be the proprietor of a firm and a long-time lender capable of arranging the loan.
The company paid an upfront amount of Rs 5 crore under the agreement, but the loan was never arranged, the amount was not refunded, and a post-dated cheque provided as a guarantee bounced due to insufficient funds.
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Investigations revealed that on Dec 27, 2010, Rs 5 crore was transferred into accounts controlled by Srinivasan and his wife. He withdrew Rs 50 lakh in cash and transferred Rs 4.5 crore into a joint account. A fixed deposit of Rs 4 crore was later made and subsequently seized by authorities.
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Srinivasan was previously arrested but failed to provide proof of adhesive stamp purchases, indicating fraudulent intent. He was granted interim bail in 2013 on the condition of repaying Rs 10 crore within 15 days, but only paid Rs 3.5 lakh. He absconded and was declared a Proclaimed Offender (PO) in 2016. After re-arrest in 2017 and bail, he again evaded trial, leading to a second PO declaration in 2018.
Deputy commissioner of police (EOW) Ravi Kumar Singh stated that Srinivasan was recently apprehended from an apartment in Chennai and remanded to judicial custody.
Singh added that Srinivasan is not only an actor but also a doctor, politician, comedian, producer, singer, and businessman. He obtained an acupressure qualification from a Chinese university via distance learning before starting his practice.
"His passion for films brought him to Chennai, where he established a finance firm in Anna Nagar and claimed through brokers to help businessmen secure large bank loans," Singh said.
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