Tamil filmmaker scripts Rs 20 cr con, lands behind bars

Tamil filmmaker scripts Rs 20 cr con, lands behind bars

An actor, director and producer of Tamil films has been arrested for cheating nine persons of over Rs 20 crore in Delhi and Chennai on the pretext of providing loans worth Rs 1,000 crore, police said on Monday.

S Srinivasan, also an acupuncture doctor by profession, used the money for producing films. He produced and acted in the 2011 Tamil movie Lathika, and appeared in guest roles in Mandapam, Unakkaga Oru Kavithai, Neethana Avan and Indrasena.

“The accused was the kingpin of an organised network of cheats who induced companies and individuals through local contacts on the pretext of giving loans,” said Harendra K Singh, additional deputy commissioner of police (economic offences wing).

After trapping his victims, Srinivasan laid down his own terms and conditions on them for disbursement of loan or advance amount.

“He had taken Rs 5 crore from the complainant as upfront payment in lieu of sanctioning a loan amount of Rs 1,000 crore,” Singh added. To win the confidence of the victims, he even signed in MoUs for disbursing the loan.

“The accused issued post-dated cheques of Axis Bank against the payments as a guarantee. But he neither arranged the loan as promised nor returned the amount,” Singh said.

A probe was initiated after Delhi-based company Blue Coast Infrastructure Development complained that Srinivasan cheated after offering then to help obtain a loan of Rs 1,000 crore.

“It is alleged that in December, 2010, Srinivasan’s accomplices approached the complainant company and represented to be consultants who would help them obtain the loan,” Singh added.

An official of the company was then taken to Chennai to meet Srinivasan. “The official met Srinivasan at the office of the actor’s proprietorship concern Baba Trading Company,” Singh said.

Srinivasan even showed the bank statements of Baba Trading Company maintained with SBI’s Anna Nagar branch in Chennai, where the balance in the account was more than Rs 1,000 crore.

“As per condition of disbursing a loan of Rs 1,000 crore, the complainant company was required to pay upfront payment of Rs 5 crore,” Singh added. The complainant company paid by a bank draft and a loan agreement was made in December, 2010 for disbursing the loan on or before January 31, 2011.

“Srinivasan issued a PDC of Axis Bank against the payment of Rs 5 crore. However, he neither arranged the loan nor returned the amount,” Singh said.

The investigation of the case was taken up by economic offences wing’s anti-fraud and cheating section and after investigation, Srinivasan was arrested. “He was found involved in several other cases, and had cheated many others with the same modus operandi,” Singh added.