Film actor ‘Powerstar’ Srinivasan was arrested by Kilpauk police on charges of breach of trust on Friday. Sources said G U Balasubramanian, a businessman and proprietor of UBS International, had approached the actor seeking Rs 10 crore to expand his business.
The actor had been providing finances through Baba Trading Company, located on Poonamallee Road. Srinivasan told Balasubramanian that he would have to pay him 5 per cent of the total loan amount as service charge and 1.5 per cent towards other expenses.
On getting Srinivasan’s assurance, Balasubramanian paid the actor `65 lakh, a few months back. However, Srinivasan did not release the funds to UBS International as promised. A petition had been filed before the City Police Commissioner four months back and it was forwarded to Kilpauk police station for further action.
Subsequently, a case had been registered and Srinivasan was apprehended while on his way to attend a private function. After interrogation, he was produced before a court and was remanded to Judicial Custody. Police said two similar complaints against the actor were under investigation.
Srinivasan had starred in the movie Lathika, which failed at the box office.